Should I stay with my current lender or switch to a new one?
If your mortgage deal is coming to an end you may find it to be an easy decision to stay with your current lender. However, they may place you on a standard variable rate which in most cases means you’ll be paying a much higher interest rate than what you might be able to achieve by choosing a fixed rate product.
If you are currently on a fixed rate product and the deal is due to end, it is recommended you speak to your current lender about switching to a new fixed rate mortgage product. There are many advantages to staying with the same lender, these include faster turnarounds, less paperwork, and potentially fewer fees.
However, just like staying with the same energy supplier, faster turnarounds and less fuss do not usually mean the best rates and therefore speaking to an independent mortgage broker such as Prospect Tree Mortgages might mean you can remortgage or switch to a product that makes more financial sense. If your current mortgage deal is due to expire get in touch with a member of our team for a free no obligation discussion on 0800 8620 840 or fill out this enquiry form.