Hot Topics

What Exactly is a Mortgage?: A mortgage is basically a loan – a loan that is secured on the value of a property which you pay back over a given period of time.
Types of Mortgage:: Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
Will I Have To Pay An Arrangement Fee And How Much Will It Be?: The Arrangement Fee is also known as an Administration or Application fee and it’s designed to cover your lender's administrative costs for setting up the mortgage.
What Is Conveyancing?: Conveyancing is the name of the legal process of transferring ownership from the seller to the buyer.
Refinance Mortgage: What is a Refinance Mortgage?

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.

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