If you are looking around to save money by switching mortgage lenders, Mortgage Advice makes the process so easy! Our advisors do this by offering a fast and efficient way to change your lender to avail of lower interest rates reducing your monthly outgoings on your outstanding home loan.
The benefits of changing your mortgage lender
In some instances, there is a case to be made for moving your mortgage from one financial institution to another. As the loan market is highly competitive, the various lenders are continually developing new packages to provide the most competitive loans for homebuyers. As an added incentive to switch your mortgage, some lenders offer additional benefits such as interest only payments for an agreed period. The most advantageous reason those who seek a new mortgage provider is the opportunity to consolidate other borrowings outstanding from various lenders and avail of the ability to repay all loans at the mortgage rate offered by the new lender.
In the case of a credit card bill, or home improvement loan, for example, where interest rates could typically be around the 10% mark consolidating this loan with a mortgage and paying the mortgage rate of interest would represent a substantial interest saving also makes finances easier to manage given that many repayments become only one repayment each month.
Moving a mortgage today can save you more money in the long run with the availability of lower interest rates and could also cut down the term period of the loan. See if you can review your current mortgage for a better deal with us. It’s so easy to see how much you could save with us – use our calculator below to calculate your monthly payments if you were to get a mortgage with us. Then, apply to switch to us by applying online with your quote to being the mortgage switching process.