Switch your mortgage rate and lower your monthly mortgage payments
If you are an existing borrower you have a few options to keep your mortgage interest rate from creeping into a SVR (standard variable rate). The is SVR is of course almost always a higher interest rate. Let’s talk you through the options that wont cost a you a penny.
Option 1 – Remortgage to a DIFFERENT lender
This is the most common method of securing a competitive interest rate.
The pro’s for Remortgaging include,
- Could secure a new and better interest rate
- Your new lender may well offer a more flexible product
- You can change mortgage terms, such as borrow more money, change the term etc
The con’s for Remortgaging include,
- You will have submit a complete new mortgage application
- You may need to pay for new valuation, solicitor and arrangement fees
- You will need to provide full proofs
- Remortgaging on average takes between 4-8 weeks
Option 2 – Switch your mortgage with your existing lender
The pro’s for switching your mortgage include,
- Could secure a new and better interest rate
- No proofs generally required
- Can start savings almost immediately from your new rate
- Can switch if your circumstances have changed (poor credit, change job etc)
The con’s for switching your mortgage include,
- You will have to stay with the same lender
- Choice of products can be limited
Who is this site for ?
We want to help borrowers who are coming to the end of a fixed mortgage period or are currently in a lenders Standard Variable Rate. This can be up to 3 months in advance of a mortgage deal coming to an end. If your deal ends you will be paying a lenders SVR (standard variable rate) and your monthly mortgage costs can increase significantly.
If you fall into the following categories read on, we can help with our product switch/transfer service for FREE
- You are currently paying a Standard Variable (SVR) rate with your lender
- You are looking to bring to bring down your monthly mortgage costs
- Your circumstances have changed since you took out your mortgage (lost your job, have credit issues, change of family circumstance, changed your job, made changes to your property)
- You do not want to pay any mortgage adviser fees
The Process
Use our online calculator to compare the rates available from your mortgage lender.
