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;
- 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.
- Consider the likely savings involved once you have made the move.
- Consider the costs likely to be incurred by moving.
- Consider any other factors (such as flexibility of terms, penalties, etc).
- Check that both you and your property are eligible for the new lender’s product.
- 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).
- 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
Budgeting over the Christmas Period
3 days ago
The most wonderful time of the year can easily turn into the most expensive time of the year. Watching the pennies doesn’t mean that the Christmas festivities have to stop, following a few budgeting tips can mean you still have a special Christmas and don’t go into the new year in debt.
Preparing your home to sell in winter
7 days ago
December is usually a less desirable time to buy as many people don’t want to move over the holidays. However, prospective buyers do start to look at this time. Selling your home in winter may require a bit of extra attention to showcase your property at its best.
We look at why mortgage rates increased following the Bank of England's choice to reduce the bank rate, and should you fix now?
UK 2024 Autumn Budget: Housing
30 Oct 2024
On 30th October 2024 the Chancellor, Rachel Reeves delivered the Autumn budget which we had previously been warned would be “difficult”. Below we have summarised the main housing points.
Talking about money with kids
23 Oct 2024
In an increasingly cashless society, money is an intangible concept for children to grasp. In the days of coins and notes, kids could see money as something physical you require to purchase goods and services.
In order to help teach your children about money, we have listed some tips below;
Labour Autumn Budget Predictions: Housing
18 Oct 2024
The UK’s chancellor, Rachel Reeves will deliver the Labour government’s autumn budget at the end of the month, we take a look at what could be announced in relation to housing.
Recent research from Halifax has revealed the most sought-after locations for first time buyers in Britain.
The data which was taken from the Halifax House Price Index looked at areas outside of London where those looking to purchase their first property were buying. Despite high property prices and increased rates, these first time buyer hotspots have remained popular.
How can I look after my mental health?
7 Oct 2024
Taking care of your mental health means looking after your emotional, psychological, and social wellbeing. There are several ways we can practice self-care that will help to improve our physical and mental health. This can help to reduce our risk of illness, manage stress, and boost our energy levels!
More information
Trusted by
