See how much you can save on your monthly mortgage payments
Frequently Asked Questions
A mortgage payment consists of the principal and interest. The principal is the money you owe on the loan, while the interest is the bank’s fee for lending you the money in the first place.
A mortgage switch is when you switch from one mortgage lender to another, or from one type of mortgage product to another.
People switch mortgages for various reasons. Some feel their current rate is too high and they want to reduce their monthly repayments and save money. Others are on a fixed rate contract that’s coming to an end, and want to shop around for a better deal or more flexible terms.
We review your existing mortgage terms, then search the market to find a better deal with lower monthly repayments. You then apply for the new mortgage to replace your old one.
You should consider switching mortgage if you’re on a fixed rate contract and it’s coming to an end. If your monthly repayments are too high, you want better mortgage terms, or you can get a lower rate from a different lender.
Depending on the terms of your current deal, you may have to pay an early repayment charge or exit fee, as well as legal fees and a property valuation.
Switching your mortgage can cause a small, temporary dip in your credit score due to a hard credit check and opening a new account. However, if you continue making payments on time, the impact is usually minimal and short-term.
If you want to save money and enjoy better terms with lower monthly repayments, switching mortgage is a great idea.
Use our mortgage repayment calculator to estimate your monthly repayments.
