Moving house and changing mortgage

Rsp_2

We have accepted an offer on our house, and had our offer accepted on another, but want to change from interest only to repayment mortgage, with 15% deposit from the sale to put down. Does anyone have any advice on what to watch out for/ good deals?

powerwin

I would say the main thing to look out for when changing your mortgage is the charges that you could incur, which have to be taken into account when assessing how competitive a given new deal will be. There are so many charges that lenders impose, so try to understand them all and take them all into account.

Do you want a fixed rate mortgage or variable rate mortgage? The main thing to consider is overall mortgage affordability, i.e. take into account rates being offered and the various mortgage fees such as the mortgage product fee. Also, make sure you build in as much protection as you can against rising interest rates, i.e. if you don't go fixed, you need to know you can still afford repayments with rising interest rates, as it looks likely that interest rates will start to rise soon.

Please bear in mind you should do your own research and not take this as advice

Rgds