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
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
Best UK Mortgage Rates this Week
14 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.
Stamp Duty Rush as Deadline Looms
15 days ago
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
The UK government is introducing new rules for Energy Performance Certificates (EPCs) that will impact landlords. Here's a summary of the key changes
Should I buy or rent in 2025?
22 days ago
Choosing to buy a house is one of the biggest decisions you are likely to make in your lifetime. There are many factors that influence a house purchase, these include: finances, housing market conditions, and mortgage rates.
ISAs: what are they, and which one is for me
25 days ago
Since being launched back in 1999 Individual Saving Accounts (ISAs) have been very popular for those wanting to put money into savings. There are four types of ISA, and the majority allow flexible saving and the ability to withdraw funds easily. There are financial penalties on certain products, these usually pay the most interest.
More information
Trusted by
