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

Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.

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.