Switching can be a great way to save money

Did you know that switching your mortgage to us could save you money every month? We have a great range of mortgages with competitive rates and attractive features. In addition, we've always believed in being loyal to our customers – that's why all our mortgage deals will always be available to you, not just new ones!

And remember, even if you're not moving house you can still move your mortgage, availing of our hassle-free switching service and a great deal all round.

If you are short of time, please submit your details below and an adviser will call you back at the requested time to offer free, no obligation advice on the best mortgage rates available to you.
The form should take no more than a minute to complete. Alternatively you can call local rate 0845 900 90 90 for immediate advice.


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Will I have to pay any penalties?

You should check your mortgage agreement to see whether you would have to pay redemption fees. These penalty charges could be expensive (up to around 4% of the outstanding amount you owe. It's also advisable to get independent financial advice before you make a decision to make any changes to your mortgage arrangements.

When is changing worthwhile?

Your reasons for wanting to change your mortgage will probably depend on your personal circumstances. You may want to do so because:

• you were tied into your existing mortgage for a number of years, but the fixed term has now ended and better deals are available
• you want a more flexible mortgage which will allow you to pay extra and/or take payment holidays
• you took out a fixed rate mortgage when interest rates were high and want to look for a lower rate now that interest rates have fallen
• you are worried that there will be a shortfall when your endowment policy matures
• you have mortgage arrears

Can I switch to another mortgage deal?

You may be able to save money by switching to a different scheme with your existing lender. Many lenders have more competitive schemes than they did a few years ago - you won't know unless you ask. You may want to switch all or part of your mortgage from an endowment to a repayment mortgage because you are worried that your mortgage won't be paid off at the end of its term. If you are in this situation, it may be worth making a complaint first - you may be entitled to compensation.

Can I switch to another lender?

You may be able to transfer your mortgage to a lender offering more competitive deals. You are more likely to have to pay redemption fees if you do this (especially if you have only had your mortgage for a few years) but it may work out cheaper in the long run. Shop around before you decide.

Can I change the term of my mortgage?

Mortgages don't have to be for 25 years. If you can afford to pay more each month, you could cut the term, and end up saving a lot of money in interest. Most lenders won't charge for shortening the term.

Alternatively, you could reduce your monthly payments by extending the term. This will give you a longer period of time to pay back your loan, so your monthly payments will be smaller.

Can I pay extra?

If you do have cash to spare, it may be better to pay off some of your mortgage than put the money in a savings account, especially when interest rates are low. However, you may want to keep enough ready cash for emergencies, such as expensive repairs. You may be able to choose to pay extra each month, or through a lump sum once a year. Check whether your lender calculates interest by the day or the month - if it's calculated monthly, paying a lump sum once a year may be a better option. You should also ask if there will be any penalty charges involved.