Get The Best Deal When You Switch Mortgages and Save Money
Remortgage Quotes Online can help you find the best deal when switching mortgages by comparing quotes from over 40 mortgage providers in the UK. We work with the whole of market, so you can access the most competitive rates in one place. Our eligibility checker can provide you with a list of quotes in real-time – so you can see what rates you will be paying and how to proceed.
We are not limited to high street banks, and work with a number of specialist finance companies too, so can offer quotes for switching mortgages for people who are self-employed and have bad credit too.
Simply enter a few details onto our online application and find the best deals today across fixed, variable and tracker mortgages.
Why Should I Switch Mortgages?
The main reason to switch mortgages is to save money and figures show that the average household can save up to £4,000 per year by switching to a different mortgage plan.
Most UK mortgages offer an introductory period for 2 to 5 years and once this is finished, you are automatically put onto a much higher standard variable rate (SVR).
This is a good opportunity to shop around for new mortgages, otherwise known as remortgaging, where you can get new terms and get access to a lower introductory rate again.
Since mortgage products are portable, they can easily be switched or moved whether it is with the same lender or a different provider that is able to offer more favorable terms.
When Is a Good Time To Be Switching Mortgages?
- Your introductory offer is about end
- You need more flexibility from your mortgage
- Your income or credit score has improved and you can get better terms
- You have paid more into your home and can get better terms
- You wish to raise finance against your home
A good time to switch mortgage rates is if your existing mortgage’s introductory period is coming to an end and you are close to being put onto the higher standard variable rate. This is prime opportunity to find a cheaper deal and lower rate to pay.
Other reasons to switch include needing different mortgage terms, such as flexibility if you want to take payment holidays. If your credit score or income has improved a lot since your last mortgage, you could be eligible for better rates. Or perhaps the value of your house has changed or you have paid more into your home and can negotiate better terms.
You may be looking to raise finance in addition to getting a new mortgage. This is very common if you are using remortgaging for debt consolidation purposes or want to put money towards a new business, wedding or car. The fees for borrowing against your home will simply be included in your overall mortgage terms.
What is The Eligibility Criteria To Switch Mortgages?
- The mortgage is in your name
- You are able to leave your existing mortgage deal
- You meet the lender’s credit and affordability criteria
- You have a stable income and credit score
- You plan to stay in the same property for the next few years
- The value of your property has not fallen dramatically
Be sure to check the existing terms of your current mortgage deal since you will want to avoid paying exit fees for leaving your deal early.
You want to ensure that you are going to stay in the current property for the next few years because if you move to another property, you are likely to be apply for a new mortgage anyway.
Also, if the value of your property has fallen significantly, you will have evaporating equity and it is not advised to move to another mortgage deal.
What Features Should I Look Out For?
Introductory period : Search for a new mortgage deal that has very low introductory rates for the first few years. This will help you save money on your monthly mortgage repayments.
Fixed, tracker or variable : Choose from a variety of different mortgage products when you switch, including fixed rates (rates that stay the same throughout), tracker (rates tracked alongside the Bank of England base rate) and variable (rates that change according to market conditions).
Early repayment fees : Some mortgage deals charge fees for early repayment. Consider your options and feasibility of making a repayment early.
Over repayment fees : Making over payments can be a sensible option to reduce the overall cost of your mortgage. Some providers may have limits or fees for doing this so be sure to check the terms.
How To Apply With Remortgage Quotes Online (h2)
Use Remortgage Quotes Online to find the best rates to switch mortgages in the UK. There are no fees and no obligation for using our mortgage eligibility checker and applying will not impact your credit score.
We can provide you with a list of real-time quotes from over 40 lenders when you enter just a few details online. Simply click on the button below to get started