How to change your mortgage interest rate

Most people will automatically assume that the answer to this question is to re-mortgage and take your mortgage balance elsewhere.

However that is not actually the case these days.

Most banking providers who have been stung by offering the best deals to new customers have now started to consider what happens if they make deals available to everyone who is savvy enough to take them.

And indeed now many financial providers will allow you to siwtch to a different rate of interest or even another type of mortgage.

The only caveat to be aware of is that if you have a mortgage that includes some sort of early repayment charge (a menacing and mean thing called ERC) then you will probably have to pay that off if you do switch, so you will need to offset the cost of that against the better rate you would presumably get by switching or at least the benefits of the new mortgage type you are considering.

Of course, the other way to change interest rate is simply to remortgage and go elsewhere.

This is the route that many choose and is perenially popular.

There is something extra to consider with that option, however, and that is with regard the fees that there will be such as legal fees and solicitors costs etc which may start to stack up, as well as valuation fees, if you choose to move elsewhere.

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