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
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
Increase in zero-deposit mortgages in 2024
16 days ago
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
Average savings by age in the UK
17 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
Pros and Cons of Equity Release
20 May 2025
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
More information
Trusted by
