Saving Money - Should I Change My Mortgage ?
STEP 4: What does it cost to change providers ?
A lot of people don't realise that there can be a cost in changing providers. You need to find out if the cost of changing is higher than the saving you will make in moving to another company. Typically there is a redemption payment, charged by your current provider if you decide to "pay off" your mortgage with them. Your new provider will want to value your property as well. Some companies may pay this cost for you, others may want to charge you.
Most people don't move their mortgage because of the hassle factor, but as the market continues to get more competitive, it is always worth checking annually what you could save, if only to reassure yourself that you are getting the best deal.
And finally, always take professional advice.
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Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.