Perhaps before outlining how, we should briefly illustrate why you might want to switch mortgages.
You may want to switch your mortgage for a variety of reasons. For example, you might be coming to the end of a fixed or capped rate and you’re keen to tie in another deal now. Alternatively, you might want a different type of mortgage such as an Equity Release mortgage, repayment mortgage or set-off mortgage.
If you think you might want to switch mortgages first you need to establish what it is going to cost. Will there be any redemption penalties? What administrative costs will there be? Will you need to pay for a new valuation - probably. It’s also worth considering whether your circumstances have changed. Have you changed jobs, taken a reduced salary or has your partner recently stopped work through illness or because of child care responsibilities? By definition, you’ll be older too. All this will have an impact on your new mortgage options.
At this point, you’ll need to examine exactly what’s on offer. Examine the costs and the opportunities and make a decision on who you’ll apply to. This decision should be made after a detailed analysis of the financial merits. This is where we come in. At Mortgage Required we deal with the whole mortgage market and as independent mortgage advisors we are able to trawl the market for the best deals - and more particularly the best deal for your circumstances.
If you are to apply for a new mortgage make sure you take a personal financial inventory too. Affordability is as important as income. Consider trimming your expenses and reducing your other debt. And of course, don’t forget that your existing lender might also be prepared to offer you a better deal if you are considering a move.
Whatever your circumstances, contact us on 01628 507477 to discuss your needs.
Download our Free First Time Buyers Guide
Recent posts
The Bank of England Governor, Andrew Bailey, has advised that, due to the “very big energy shock” the economy is facing, they won’t be in a rush to increase UK interest rates.
Best UK Mortgage Rates this Week
2 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Many homeowners don’t realise that a simple act or oversight could invalidate their home insurance policy. Home insurance is essential in protecting your most valuable assets; however, it is important to understand what affects your cover to ensure you are fully protected.
In certain areas, impressive views are one feature that buyers are willing to pay price premiums of more than 30 per cent.
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
More information
Trusted by
