Switching lenders or mortgages

Cheaper mortgage offers

If a cheaper mortgage comes on the market, you may want to consider switching lender. This can include

• A mortgage with a lower annual percentage rate (APR)
• A different type of mortgage
• A different type of interest rate

Use our mortgages checklist (pdf) to help you shop around.

Costs

If you decide to switch lender, you will probably have to pay:

• a valuation fee, although some lenders will offer to pay this cost
• legal fees and other charges, but again some lenders may meet this cost or pay a contribution toward it
• a fee to cover the cost of breaking your fixed rate if you don't have a variable-rate mortgage.

Make sure the savings you would make by switching to a different mortgage outweigh the costs.

Always cancel direct debits in writing if you decide to switch mortgage providers. 

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