Changing your mortgage
Changing your mortgage can be a clever move. Here's how to do it to your advantage.
There are many reasons why you might consider moving your mortgage without moving home. For instance you may want to take advantage of new mortgage options that weren't on offer when you bought your home - such as a better fixed rate. Perhaps you want to release part of the capital built up in your property, for example, to carry out home improvements. Or maybe you are just dissatisfied with your current lender.
Whatever your needs, take time to go through a full range of mortgages available and speak to a Financial Advisor about the special advantages that each scheme offers.
The tasks involved in moving your mortgage can be broken down into four steps:
- Contact a Financial Planning Advisor to discuss the different mortgage options and decide on the option best for you. Fill out the new mortgage application form and sign it.
- The mortgage lender will arrange for a surveyor to visit your property. At around the same time you should instruct a solicitor to commence the legal work involved in your remortgage.
- The mortgage lender will issue a formal mortgage offer with the details of the mortgage. Soon afterwards the legal paperwork is completed by the solicitor.
- Your existing mortgage is paid off and your new mortgage starts.
From time to time some institutions offer special rates for remortgages. It is worthwhile considering a wide range of mortgage lenders before making a decision. You may have to pay a fee to your old lender if you change to a new lender, so check the small print.
Print this page Email this page to a friend Add to favourites
