Switch Mortgage Lender
...thinking of switching mortgage lenders?
Same place, new mortgage
In today’s competitive market, many borrowers choose to switch their mortgage every few years in order to take advantage of the new rates on offer. Those that remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant margin in some cases.In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may want to consider taking this step for a number of reasons, such as:
To save money
If you’re paying your lender’s Standard Variable Rate (SVR), it’s highly likely that your existing lender will offer a better rate and greater flexibility on other available products. This could allow you to save money on your monthly repayments, or to repay your mortgage sooner. And if your current lender doesn’t offer better rates or greater flexibility on its other products, you may want to consider switching to another lender, even if doing so would trigger early repayment charges payable to your existing lender, as this could still mean a net saving to you
To consolidate other debt
Remortgaging can allow you to release some of the equity you hold in your home and consolidate other debts, such as a car loan or credit cards, which can attract higher rates of interest than that of your mortgage.
To avoid moving home
It can be cheaper and more convenient to adapt or add an extension to your existing home, paid for by re mortgaging or a further advance, than to move home.Think carefully about securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
- Telephone: 01443 842 452
- Fax: 01443 841 723
- Address: 1st Floor Unit 6, Charnwood Court, Heol Billingsley, Parc Nantgarw, Cardiff, CF15 7QZ
- info@mortagefinancial.co.uk
