want to change mortgage how do i get best deal

jamminjamaica

I have had my mortgage for just over a year. I do not think I am paying what I should. I feel I could get it cheaper. what is involved in changing your existing mortgage and where can I get advice on the cheapest mortgages availablle.

i would welcome any advice

westernpromise

First check what, if any, are the penalties for redeeming your current mortgage. Most mortgages come with some sort of introductory offer - reduced interest rate, etc. - and if you change the mortgage, you usually have to pay an exit penalty. Typically it's 1 to 2% of what you originally borrowed.

Then contact a mortgage broker (London and Country are free to borrowers) and get a few quotes.

The choice available to you will be driven by what you earn, what multiple of that you want to borrow, and what percentage of the loan to the property's value you want to borrow.

For a rough idea of what deals there are, the FT website (https://www.ft.com) is quite good.

Joe_Bloggs

The tables section of the Financial Services Authority contains a huge list of Mortgages. See http://www.fsa.gov.uk/tables/
You can search through them with filter options to focus into those more suited to your requirements.
J_B.
Link originally from Payless.
Edit.
I am not a farmer but I have picked up a random signiture. Stone the Crows.

charlieheard

I've posted this elsewhere, but https://www.moneyextra.com is a good site for comparing (re-)mortgages. You can enter your current deal and any redemption penalties. The site will look at the deals out there and give you savings over any timeframe you specify.

I used to it get a 2.25% discount 2 years ago, and am now looking for the next deal