Switching Your Mortgage Guide

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Switching Your Mortgage Lender

The mortgage market changes all the time - interest rates fluctuate and mortgage lenders adjust their prices.

To avoid paying higher rates, most borrowers switch their mortgage, a simple process that involves transferring from one mortgage loan to another. Switching your mortgage need not be complex, and the main reason to switch is to save money.

The idea of switching mortgages can seem daunting for some. It shouldn't be - and that's where our guide to switching your mortgage should help to explain the process and allow you to switch your mortgage should you choose to.

When special mortgage deals (such as a fixed-rate mortgage, a variable rate mortgage or a tracker mortgage) come to an end, mortgage loans revert to Standard Variable Rate (SVR), which is usually higher and more expensive in monthly repayments.

In our Mortgage Switching Guide:

• When should a borrower switch their mortgage?
• Switching your mortgage loan – types of mortgage
• Which mortgage should I switch to?
• What costs are involved in switching your mortgage?

Thinking about switching your mortgage? Browse mortgage lender offers below from over 90 mortgage lenders, and enquire about a specific mortgage product.

Switching Your Mortgage Lender or Loan

The following types of mortgage loan are the most commonly chosen to switch to. Each offers different benefits and advantages.

• Fixed rate mortgage guide – Switching to a fixed-rate mortgage means fixed monthly repayments for an agreed period.
• Tracker mortgage guide – Switching to a tracker mortgage means that the mortgage rate is aligned to a set benchmark rate such as the Bank of England base rate. This means that repayments can go up or down.
• Variable rate mortgage guide – Switching to a variable rate mortgage means that the rate can move up or down in line with the Lender’s standard variable rate.
• Discounted rate mortgage guide – Switching to a discounted variable rate mortgage means that the borrower pays a discounted rate for a certain period of time.

Please use our mortgage calculator to help you budget when switching your mortgage. Mortgages.co.uk provides a free service where we remind you closer to the time of your mortgage renewal with the aim of saving you time, hassle and money.

More Information

• How interest rates affect mortgage repayments
• What to do when interest rates go up
• What to do when interest rates go down