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Hot Topics
- How Much Can I Afford?
- You have to be very careful when buying a house to be sure that you will be able to afford the monthly mortgage repayments – as you risk losing your home completely if you find you simply cannot afford it.
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- What Are Discounted Mortgages?
- Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.
- What Are Buy To Let Mortgages?
- A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
- Right To Buy Mortgage
- What is ‘Right to Buy’?
How Do I Switch Mortgages?
Switching mortgages (remortgaging) has been made very easy by the industry, in reaction to the fact that most people remortgage their homes on a regular basis i.e. every 5 years on average.
To switch mortgages all you need to do is find yourself the best mortgage deal you can, then apply for the mortgage in the usual way. Because you will not be combining the mortgage process with the house buying process - it’s all a lot quicker and a lot less stressful. Simply provide all the paperwork they ask for (pay slips, bank statements etc) and it should be plain sailing.
Just like switching over any provider, simply end the mortgage arrangement with your existing lender, and start making payments to your new lender. One word of warning - you may have to pay some redemption penalties to your existing lender to be released from the agreement. Always check these costs out before deciding to remortgage - it may be worth waiting a few months or years before remortgaging if you’re going to be faced with redemption penalties of a few thousand pounds.
- How Do I Switch Mortgages?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
- What happens if interest rates change ?
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