How do I switch mortgages?
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Switching mortgages or remortgaging is so commonplace that the process has become very quick and easy. Considering the majority of people now remortgage every 5 years on average – it can't be that hard!
To switch mortgages you just need to find the deal you want, then start the application process, just as if you were applying for the very first time. You won't have the stress of simultaneously buying a property, so the process is blissful in comparison! Make sure you give them all the information they require such as pay slips and bank statements, and you should have transferred to a new mortgage with 4-6 weeks.
Once your remortgage application has been accepted, it's time to cancel the agreement with your existing lender. You will then start making payments to your new lender. Be careful out for redemption penalties though, your mortgage agreement could include penalties for leaving the agreement. It's best to check these costs out before deciding to remortgage – the costs may outweigh the benefits of a remortgage if you're very unlucky.