Switching your mortgage involves a process that can save you money or provide better terms for your home loan. 

Mortgage Switcher

 ​ Here's an overview of the switcher process. 

1. Review your current mortgage: 
Start by examining your current mortgage terms, including interest rate, monthly payments, remaining balance, and any prepayment penalties or fees for switching. You need to understand the terms of your existing mortgage before making a decision.

  2. Check your credit score: 
Obtain a copy of your credit report and address any issues that may be affecting your credit score, such as outstanding debts or errors in your report.

  3. Research new mortgages: 
Shop around for mortgages to find the best deal. Consider using a mortgage broker. They can compare interest rates, fees, and terms across a wide range of lenders. You can also use online comparison tools and consult with a mortgage professional for guidance.

  4. Get preapproved: 
Your mortgage broker will contact the mortgage providers you're interested in to preapproved for a mortgage. This process will help you understand the terms they can offer you and give you an idea of what you can afford.

  5. Calculate the costs: 
A mortgage broker can determine the total cost of switching providers, including application fees, valuation fees, legal costs, and any other associated expenses. Make sure that the potential savings from switching outweigh these costs.

  6. Submit a mortgage application: 
Choose the new mortgage or provider that offers the best terms for your situation and submit a formal mortgage application. Be prepared to provide necessary documentation, such as proof of income, bank statements, and identity.

  7. Complete the underwriting process: 
The new mortgage provider will review your application and conduct a credit check. They will also require a valuation of your home to determine its value. The underwriting process typically takes a few weeks.

  8. Receive approval: 
Once your application is approved, you'll receive a Formal Loan Offer, which outlines the terms of your new mortgage. Review this document carefully to ensure it matches what you were promised.

  9. Drawdown the new mortgage: 
Just like when you initially purchased your home, you'll need to attend a solicitor. At this meeting, you'll sign the necessary documents and transfer the mortgage to the new lender.

  10. Pay off your old mortgage: 
The proceeds from your new mortgage will be used to pay off your existing mortgage with your old lender. Ensure that this process is seamless to avoid any late fees or issues with your credit.

  11. Start making payments to the new lender: 
Begin making your monthly mortgage payments to the new lender as per the terms of your new mortgage agreement.

   Remember that switching mortgage providers can have various costs and may not always be the right decision, so carefully weigh the potential benefits and costs before making the switch. Consult with a financial advisor or mortgage professional to help you make an informed decision.