Changing mortgage lender?

Sleipnir

I'm hoping to move house in the next couple of months and was wondering what people know about moving mortgages to another company.
With EBS at the moment but where they have an APR of 3.4%, others have rates at 3.0%.
Does anyone know what the penalties of moving your mortgage might be?
Or anything else to note?

Victor

Penalties apply more to fixed rate products than variable. Usually they demand the difference between the current variable rate and the current fixed rate, for the unexpired duration of hte fixed period.

spongebob

And find a solicitor who charges a flat rate for the simple job of cancelling one mortgage and opening another, not one who charges a % of the mortgage.

Ask your own first and then check around, be prepared to haggle forcefully as the legal profession are taking the piss with the prices they charge on remortgages.

M

daveg

We did this last year changing from AIB to TSB. It's a lot of work tbh. You have to have your house survayed asnd of course everything has to go through your solicitor. However we did same a lot of money but do your homework first to make sure it's worth the hassle.

Imo it shouldn't be so much hastle and cost money to change lenders. Seems a bit of a racket if you ask me.

Sleipnir

Thanks for the replies everyone.

Yeah Have to work out if I can deal with the extra hassle of doing it and seeing if it's actually worthwhile financially.

Thanks again!