moving house - stick with lender or move?

pink_petal

Hi

We've just sold our flat and had an offer accepted on a new house (yay!)

We are just about to start our mortgage application for the new house and are just wondering if there's any benefits to staying with our current mortgage lender (RBS) or should we move for another deal? Or fixed term mortgage ends at the end of November and we move out on 6th December (but don't get the keys to our new place til end of January)

Searches have shown that we can reduce our monthly payment by about £50 a month by switching but we both found the whole mortgage process stressful last time so would we be better sticking with RBS? Would that make the process shorter given we've already been through one application with them?

Thanks in advance for any advice!

PP x

kingstreet

It's a whole new application with your existing lender or a new one. You'll be asked for more or less the same requirements, face the same credit search, valuation etc, so I'd just get the best deal you can.

I don't find myself using RBS/NatWest very often, so I suspect you'll be able to get a much better deal elsewhere.

pink_petal

Thanks! I wondered if that was the case or if they'd use our existing details. Will look around for a better deal then...£50 a month isn't huge but it adds up and is better in our pockets!

Thanks again!

graspandsave

Moving home is stressful, and the mortgage side of its these days, is pretty petty and can be very irritating/frustrating.

BUT loyalty to lenders/banks (or any business -a bit of generalisation I accept ) hardly ever pays.

once you move- if you are changing what you are borrowing, you'll have to go through the same process whether you stick with your prev lender or switch.

Bite the bullet, shop around, and if for some reason you are very fond of your current lender and DO want to stay with them, then armed with the knowledge from their competitors may even bag you a better deal. Do your research, it'll pay off.

And....if you need to offload, vent your frustrations with the process- mortgage or moving generally, come back on here and there'll be plenty of sympathetic MSers to hold your hand along the way.

pink_petal

Thank you graspandsave! I'll definitely be back to vent, I found it sooooo long and stressful last time!