How do you change mortgage companies without being charged a lot of money?

Question

I changed my mortgage company 2 years ago & it ended up I had to pay £400.00 up front I am about to look into changing it again & hopefully not end up with a big bill again

Answer 1

negotiate set up fees with the new company, also tell old 1 u plan 2 move - c if they will lower rate so u can stay where u r

Answer 2

There are loads of mortgage deals out there which are fees free, ie the lender will pay your legal fees, valuation etc, all you do is sign on the bottom line. If you are unsure contact me on [e-mail] as i am a professional mortgage broker and should be able to help.
You may well have to pay your exising lender some money, usually about £200 as an admin fee when you pay your current mortgage off.

Answer 3

I'm not sure that you can change without it costing you, I'm only going by my experience as a first time buyer - I have paid the arrangement fee to the company I'm going with, therefore if I want to change and go with someone else then I would have to pay. Have a word with your mortgage advisor and see what they suggest.

Answer 4

The first thing to do is to go to your existing lender, ask them what they would charge you to to re-mortgage to a better product without incurring high costs. If they say they can't help you, or rather would not want to keep you as an current reliable borrower, then shop around. Try the Internet too, source all lenders first and then decide. x

Answer 5

Check if you have to pay an early redemption fee to the company you are currently with?

Check with new company if you have to pay surveying fees or set up fees. Also check if they have an early redemption fee in case you want to change again in 2 years time.

Answer 6

I went to a financial adviser. They are free and they get commission from the Building Societies. I didn't have to pay a penny, in fact I got some money back when I changed.