Moving mortgage...easy?

LeShark

Hi guys,

My 2 year fixed rate is up very soon. How easy is it to shift mortgages to another company? With HSBC currently. Cheers.

mleonard79

Hi Leshark,

It depends how organised you are really! Some people can find it a real hassle but others may find it very easy. I found it relatively straightforward but you do have to do a good bit of research yourself to find out what you want then see a fees-free broker (I did this by phone and found that made it easier and quicker) who can recommend a mortgage and take you through the application process. You will then need to get your hands on a load of documents (which is where the being organised bit comes in!) like last 3 months bank statements, wage slips, passports, mortgage statements, insurance policies etc. You will also have to get a survey done. It basically entails the same stuff you did when you first took out your mortgage but having done it once it should be easier for you second time around. Of course if your existing bank could offer a competitive deal you may be able to avoid the hassle - I'd only do this if it's as good as the deal I could get elsewhere though as I feel it's worth going through the hassle to get the best deal. If you can't face the hassle though it might be worth taking a slightly worse deal from your existing bank - it depends how much it's worth to not have to do all the remortgage stuff. I don't think it's too bad personally but I'm sure there'll be others that do!

Regards

Michelle