Before you change provider, if it is to obtain a cheaper deal than your existing one, consider asking your provider about their ‘product transfers’ before you commit to moving.

There are likely to be costs involved with moving provider and whilst it may still be cheaper to move and incur those costs, it’s certainly worth seeing what your existing provider is prepared to offer in order to retain your business.

Switching mortgage provider can be broken down into several stages. They are;

  1. Look at the alternative mortgage deals on offer. It really is worth asking a qualified broker such as Mortgage Required to do this for you as the terms and conditions vary considerably from lender to lender and it is easy to miss a great deal or be scuppered by restrictive terms that are unearthed at the last minute.
  2. Consider the likely savings involved once you have made the move.
  3. Consider the costs likely to be incurred by moving.
  4. Consider any other factors (such as flexibility of terms, penalties, etc).
  5. Check that both you and your property are eligible for the new lender’s product.
  6. Start the ball rolling ! The valuation, paperwork and legal niceties (including removing the old lender’s charge on the property and registering the new lender’s charge, etc).
  7. Complete!

Many lenders will offer you free or subsidised legal costs and valuation fees but you may still be liable for other costs including arrangement fees and penalties.

If you would like a ‘health check’ on your mortgage to make sure you are not throwing money away on an uncompetitive deal, simply call us for a chat without obligation.

For more information contact us or speak to an mortgage adviser on 01628 507477.


Download our Free First Time Buyers Guide

Recent posts

Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy

Does the time of year make a difference in house purchases? The answer is, yes and no.

The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances. 

If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.

Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.

If you are struggling to get over the hurdle of saving enough deposit due to being in a rental property, but wish to purchase your own home, you may be able to with a 100% mortgage. You will need to meet certain requirements and be financially stable.

If you are looking at remortgaging your property but you are unsure whether it’s the right decision, we have listed five reasons why it might be for you.

As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.

According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns.

Friyay Rate Reviews

6 Feb 2024

Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!