We need to switch our mortgage

Norma_Desmond

We're just coming to the end of our fixed term mortgage period and our monthly payments are set to jump by £30, so what do we do?
Is it worth 'haggling' with our current lender for a new and better rate, or do we start afresh with someone else
The only problem I foresee is that DH started a new job just last month so will we have to go through the rigmarole of proving earnings again etc.?
Obviously we still have a year or two's payslips from his previous job.
Also will the house have to be valued again?
Total novice at this - any advice welcomed!

payless

always worth asking existing lender ( with some lenders brokers can help with this also these days .. although be careful if they don't know what's on offer )- its simple & and avoids the exit fee ... although not always the best option overall

A new job is not always a problem

Valuation - sometimes but not always .. and often "free option " anyway

herbiesjp

What figures are involved?

What is the propert value?
What is the mortgage amount needed?

The answers will impact on whether it is better to go for low rate and high arrangement fees or alternatively a higher rate, but with lower fees

HTH

Norma_Desmond

Thanks herbie - our mortgage is for £45,000 (well, around £43,000 now) and the house is worth in the region of £200,000.