• Transfer Mortgage
• Remortgage Quote
• Mortgage Quote

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• Types of Mortgage
• Mortgage Exit Administration Fee

Transfer mortgage

What is a Mortgage transfer?

A mortgage transfer is when you replace your existing mortgage with a mortgage from another lender. Essentially a mortgage transfer is a remortgage, also known as refinancing. Gone are the days when you stuck with the same lender for the lifetime of the mortgage. Nowadays, there are so many loan companies vying for your custom, it is not uncommon for mortgage holders to switch their mortgage every few years to take advantage of the competitive mortgage deals being offered. A transfer of mortgage is only available to those paying a mortgage on a property.

Why would I transfer my mortgage?

Many mortgages have a set promotional period, such as a fixed rate of 4.5% for 2 years. If your current mortgage deal is coming to an end, you may find a host of competitive new deals with better rates, to take over when your existing deal runs out. This could save you money, and help your pay off your mortgage faster.

How do I go about transferring my mortgage?

You need to shop around and compare what mortgage deals are currently on offer. With the number of lenders offering so many competitive deals to get your custom, it can be a hard choice. Make use of the internet and compare online. Not only is this quick and easy, but you will probably find more deals this way, not every loan company has a shop on the high street. A mortgage advisor will always be on hand to offer advice on the different types of mortgages and the deals available. They should also be able to advise which one is most suitable for you. You then need to apply for this mortgage transfer, who will contact your current lender, and perform a survey and valuation of your home. Once approved, the mortgage transfer will go ahead.

How long does it take?

A transfer of mortgage can take approximately 4 weeks to complete, but there is the risk of delays which could take a further 2-4 weeks for the transfer mortgage deal to finalise. So if you are transferring in order to avoid paying higher rates with your current lender, then make sure you apply in plenty of time. Because there may be some delays, so give yourself a minimum of 8 weeks to arrange it, before the end of your current mortgage deal to avoid any overlap.

What are the benefits of transferring my mortgage?

By switching your mortgage you can experience a host of advantages, which can include:

• You could get a better interest rate on your mortgage. This will not only reduce your monthly repayments, it could also mean you end up paying off your mortgage sooner than anticipated.
• When you switch a mortgage, you may be able to borrow money at the same time to help pay off any existing high interest debts or loans you may have.
• Change to a different mortgage type. You may find you would rather enjoy the benefits of an offset mortgage rather than a fixed rate one.
• Mortgage transfers can allow you to raise some extra capital to allow you to buy a second home, a holiday home, a new car or finance some home improvements.

Are there fees involved with a mortgage transfer?

In most cases yes. There will most likely be a fee or two to pay. This can include a mortgage exit fee charged by your current lender for early repayment and/or a mortgage transfer fee charged by your new lender, although most companies will waive this fee. There is currently some controversy regarding some administration charges that some mortgage lenders imposed, and many people who hold a mortgage are trying to claim back these fees as they feel were overcharged. Make sure the savings you are making by transferring your mortgage are still worth more than the fees you may be charged, otherwise you may end up no better off.