20 Jun, 2019

When should I not Switch my Mortgage?

There are some situations where it wont be in your interests to Switch your mortgage.
Examples of these might be:
a) if currently on a fixed rate, as you may have a break penalty if you break out of the fixed period early. In this instance you should check with your current mortgage lender if you would have an early break penalty or discuss with our mortgage experts.
b) If you are on a tracker mortgage, as it is most likely not going to be advantageous to you to switch your mortgage, as your interest rate that you are paying is likely to be lower than the lowest fixed and variable rates currently available on the market. As such our general rule is that tracker mortgage customers should not switch to another lender.
There are also situations when you won’t be able to switch your mortgage and examples of these situations are if you are in arrears or in negative equity.

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