Swapping mortgage providers

dvdrdl

Im coming to the end of a 3yr fixed with Halifax at 7% which was pretty steep at the time but suited me when i initially brought my house.

Im now in a position to shop around for another fixed term but as a complete newb would like a bit of advice. (sorry if some of the questions seem daft, easy if you know)

If i go to another bank and find a better deal is it simple enough to swap to them without penalties?

Im happy with halifax banking would it be possible to smove to a new provider without changing bank accounts over too?

Any info that may help me negotiate abetter deal would be appreciated.

_Andy_

1) Yes
2) Yes
3) You don't 'negotiate' a deal - you take what a provider a may offer.

holly_hobby

What you are looking for is a remortgage (ie refinance with another provider). Some lenders offer fee free products (free basic survey and legals) - but the pay rate may not be as competitive as those without a fee incentive. So crunch some figs to see which deal (inc the legal and survey costs of fee baring products), actually gives you the best saving over the term ... you may be surprised, and find that even paying the noted fees, the lower payrate will ensure you'll still be up on the deal ! (esp relevant for larger mortgages)

Penalties - check your mge terms, but if you move after the end of your current product, there should be no early repayment charges, but you will incur a mortgage exit admin fee, and any other admin/deed release fees.

Check what your lender are offering to existing borrowers, again once you factor in any charges/hassel (ie no further underwriting or status checks) of moving, you may find it better saying where you are and just taking an existing borrower product from them.

If you fancy a change of scenery, a whole of market broker will assist in sourcing the most suitable deal for your requirements and circs. (take a copy of your credit report with you).

Hope this helps

Holly