| Financial
Services > Mortgages
> Advice
> Switching
Your Mortgage
 Lenders
are constantly competing so you may be able to reduce the cost
of your mortgage by switching to a new lender, but you may have
to pay all the costs of carrying out the switch. These costs may
include legal,
land registry fees, valuation, arrangement fees, discharge fees,
deeds fee, early redemption fees and mortgage indemnity insurance
premium charged by the lenders,
but the savings can be substantial.
Switching mortgages is considered as a new loan and if you ran in to financial
difficulties, you would be entitled to less help from the state.
If you want to remortgage fill in our online
form and an adviser will contact you with the best deal for
you of look at our online list of mortgage
providers.
To Borrow
There are three main factors influencing the amount you borrow,
when you take out a mortgage.
The price of the house you wish to purchase, and the amount you
are able to borrow restricts your choice. Try our online borrowing calculator.
The value of the house you decide to buy. The lender has
the property valued and usually does not lend you the full amount,
the maximum they lend is about 90 to 95 per cent of the property's
value. Try our mortgage wizard
to help you get the best mortgage
lender for you.
The amount you are able to pay, which will be dependent
on your gross salary.
Cost of your mortgage
The table below shows the amount you can expect to pay each month
for each £1,000 of mortgage loan depending on the term of your
mortgage and the interest rate.
Different lenders use different methods to calculate your payments,
and so the values will not be exact.
Monthly mortgage payments for each £1,ooo of mortgage loan.
|
Interest Rate % Pa
|
Repayment mortgage with term of:
|
Interest only mortgage |
|
|
5 |
10 |
15 |
20 |
25 |
Any Term |
|
1% |
£17.08 |
£8.75 |
£5.98 |
£4.60 |
£3.77 |
£0.83 |
|
2% |
£17.51 |
£9.19 |
£6.42 |
£5.05 |
£4.23 |
£1.65 |
|
3% |
£17.93 |
£9.63 |
£6.88 |
£5.52 |
£4.72 |
£2.47 |
|
4% |
£18.36 |
£10.07 |
£7.35 |
£6.01 |
£5.23 |
£3.27 |
|
5% |
£18.78 |
£10.53 |
£7.83 |
£6.53 |
£5.77 |
£4.07 |
|
6% |
£19.21 |
£11.00 |
£8.33 |
£7.06 |
£6.33 |
£4.87 |
|
7% |
£19.65 |
£11.47 |
£8.84 |
£7.60 |
£6.91 |
£5.65 |
|
8% |
£20.08 |
£11.95 |
£9.37 |
£8.17 |
£7.51 |
£6.43 |
|
9% |
£20.52 |
£12.44 |
£9.90 |
£8.74 |
£8.12 |
£7.21 |
|
10% |
£20.95 |
£12.93 |
£10.44 |
£9.33 |
£8.75 |
£7.97 |
|
11% |
£21.39 |
£13.43 |
£11.00 |
£9.93 |
£9.39 |
£8.73 |
|
12% |
£2184 |
£13.93 |
£11.56 |
£10.54 |
£10.04 |
£9.49 |
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