How to switch your existing mortgage to a better rate

The team at switchrates.co.uk have one mission – to bring down your monthly mortgage costs.

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.

You can also complete your existing mortgage details and the calculator will show you exactly how much you can save.
 
 
You can then submit your enquiry and a qualified adviser will contact you to complete your transfer.
The service is completely FREE and often the advisers can switch you to a better product within a couple of hours.

 

We can switch/transfer mortgages from the UK’s biggest lenders including,
Virgin Money (www.virginmoney.co.uk)
Birmingham Midshires (www.birmingahmmidshires.co.uk)
Coventry Building Society (www.coventrybs.co.uk)
and many more…
 
So no matter if you have an Interest Only mortgage, a BTL mortgage or any other combination – we can help you switch.
 
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