Step 2: What do you need from your mortgage?


If you’re thinking about moving your mortgage, looking at what you have at the moment and what you would like from a new mortgage should help you figure out the best approach.

Comparing all the financial details and thinking about the costs that moving might incur compared to the advantages, should help you get to the right decision.

Your existing mortgage

Could your current lender offer you a better deal? It’s worth contacting them to find out a bit more about your mortgage and any alternatives they might be able to offer. Whether you decide to take a new deal with your current lender or you want to take a mortgage with us, you’ll need to know if you have to pay an early repayment charge and exit fee. You’ll also need to get a ‘redemption quote’ which will tell you how much you still owe on your existing mortgage.

What do you want from a mortgage?

Depending on the reason for moving your mortgage, you may find there are specific features that you are now interested in, for example, you may want more flexibility to make overpayments.


Potential costs

There will be some costs you need to consider when moving your mortgage. It’s worth totting them up to check what the overall impact of moving your mortgage will be on your finances.


Early repayment charge


If your current mortgage is tied into a deal, for example you have a 5 year fixed rate mortgage which you’re three years into paying, you may have to pay an Early Repayment Charge to get out of that deal. It’s normally a percentage of your mortgage balance and will be detailed in your mortgage offer and terms and conditions. If you can’t find it, just contact your current lender and they’ll be able to tell you how much it will be.


Product fee


We offer a range of mortgages which have no product fee.

Mortgages with product fees usually carry a lower rate of interest during the initial product term. Product fees can be added to your mortgage, but it means that you pay interest on the product fee unless it is repaid within 21 days of completing on your mortgage.




This is normally charged by the lender as part of the mortgage process. It ensures that the property is worth the amount of money you’re borrowing.


Legal/conveyancer fees


You need a solicitor/licensed conveyancer to help with the legal aspects of moving your mortgage. Always get a quote upfront.


Account fee


The account fee is charged by us for providing and administering your mortgage. It is payable on completion, however you can defer this fee until the end of your mortgage.

Important Information


All applications are subject to status and our lending criteria. This means that the amount we’ll lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a bigger deposit if you’re buying a flat or new build property.