Research consistently shows that a lot of mortgage customers are stuck on a "variable rate" with their  mortgage lender? Why should you pay over the odds?

At the end of your current mortgage deal with your lender (e.g. at the end of a fixed rate or tracker), and assuming you have no extended redemption penalties, it is possible to move your mortgage to another lender, without moving house.

Why would I want to do this?

A number of reasons:

1.YOU MAY WANT TO CHANGE HOW YOUR MORTGAGE IS REPAID – as a result of underperformance from an investment (e.g. endowment, ISA, or Pension). By using a flexible mortgage you can repay the capital off quicker by making higher payments, thus reducing your reliance on the investment. You can also convert part of the mortgage to capital and interest, as this will reduce the capital balance over time.

How much does it cost to remortgage?

The normal costs involved are: legal fees, valuation of the property; lenders arrangement fee and broker fees. If you are leaving your existing mortgage provider within a redemption period, you may also have penalties to pay. However, a lots of lender will help with these costs, as an incentive to take a mortgage with them. Your Mortgage Direct adviser can help you.

Your home may be repossessed if you do not keep up repayments on your mortgage - Mortgages Direct is a trading name of Alexanders Associates (Scotland) Ltd


Interested? Why not ask for a no obligation quotation?