Mortgage Switching

Switching mortgage lenders could be worthwhile if you can get a better deal with the new lender than with your own. However, make sure that your existing lender knows your intentions because they might offer you a better deal themselves - they could also charge you a penalty, so make sure that you understand any penalty clauses for this in your agreement.

Weigh up ALL the costs involved, and don't be blinded by the benefits. Costs to you could include valuation fees, legal fees and any penalties if you have fixed rate loans or any other special mortgage interest rates. You might have to pay these in cash, so this is not an option if your cash flow is dubious.