Best Mortgage Deals

If the value of your home has gone up since you bought it, you'll have equity in your property. You can switch mortgages to get a better deal and borrow extra at the same time.

For example, if the value of your house is £200,000 and your outstanding mortgage is £105,000, you have £95,000 equity. You could approach a lender to get a new mortgage for, say £130,000. This will release £25,000 of equity which you can use for whatever purpose you like. Remember there will be a limit on how much the lender will lend you based on your income and also a maximum loan-to-value (LTV).

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Switching your mortgage

Gone are the days where you take out a mortgage for 25 years and stay with the same mortgage lender. The mortgage market is very competitive and it makes sense to compare mortgage prices regularly to see whether it's worth switching to a cheaper mortgage.

Switching mortgages simply involves changing from one mortgage to another. You don't necessarily have to switch lender - if your lender can offer you a better deal than is available elsewhere, you can stick with them, especially for people who may now have bad credit but switch to the better deal.

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Why would you switch?

There are four main reasons why you might choose to switch mortgages (also known as re-mortgaging):

to benefit from a lower interest rate (if you have been tied in to a high fixed rate mortgage for a lot of years)

to release equity in your property to maybe make those home improvements or buy a 2nd property abroad

to switch from a variable interest rate to a fixed or capped rate if you think rates are going to rise and you want your mortgage payments fixed at a certain price for a length of time so that you do not get any nasty shocks with the interest rate rising.

to switch to a more flexible mortgage so that you can alter the amount of your payments .The sooner you clear your mortgage the less interest you will have paid .

Switch to save money

If you're paying a high interest rate compared with what's available on the market at the moment, you should investigate whether you could benefit from switching.

You're most likely to be able to save money if you've come to the end of a special deal (say, a fixed rate mortgage or discounted deal) and are now paying your lender's standard rate. now is the time to move mortgage providers because when you compare mortgage deals the savings can be massive

That's because there should be plenty of deals about with lower interest rates than you're paying and, in most cases, you won't have to pay a penalty to switch. Check your mortgage documents or ask your lender if you're unsure whether your mortgage has a penalty.

How much will I save?

Well there is only one way to find out use the links below and see for yourself .A mortgage quote is free and the savings will be worth more than you have ever been paid for a few minutes effort before

Switching from a variable rate

If you've got a variable rate mortgage (where your interest can fluctuate up or down), you might want to consider moving to a fixed or capped rate deal if you think rates are likely to rise and they still are at the moment. Such deals offer you the security of knowing what your mortgage repayments will be for and for what period of time. Depending on what variable rate you're paying you may still be able to save money by switching.

Switching to release equity

If you manage to get a lower interest rate and you're not borrowing much more, you may find that the savings in interest cancel out the cost of the extra borrowing. If not, it's important to make sure you can afford to borrow the extra amount. Don't forget that, if you've got an interest-only mortgage, you'll need to increase your payments to your investment to cover the extra you've borrowed.