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.
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