Re-mortgaging is a process. It involves a few simple steps:
- Calculate exactly how much you are currently paying each month and how much it would take to leave your existing deal. This is your base line.
- Identify a mortgage that is suitable for your needs. You can find deals from many online comparison sites, including MSN Money.
- Price the deal. What is the monthly cost of the new mortgage? What application and any other fees are there? How does it compare with the one you have already? Deducting all costs from any savings will tell you if it makes sense to switch.
- Contact your existing lender. Explain that you can move to a new mortgage elsewhere, but that you don’t want to. Ass if they will match the deal. If they do, great. If they don’t…
- Contact the new lender and apply for the loan and complete the relevant forms.
- The lender carries out all necessary checks. All you need to do is sign paperwork sent to you and return it.
If your home and contents insurance is with your other lender, you may want to take out a new policy, preferably by shopping around for the best deal.
Next page in this section: How long does remortgaging take?
Previous article in this section: Who shouldn't remortgage?
Useful links
Compare quotes on home insurance
Compare rates on remortgages
Find a financial adviser
