Changing Mortgage Provider After Fixed Term Ends

[buffymad]

I'm thinking about doing this for the first time as my 2 year fixed term ends on 30 June this year. But as I've never done it before, I wondered what the actual process was. Obviously I go to see a financial advisor who looks for the best deal for me - but then I wondered what else is involved. Are there any fees you have to pay upfront or can those be added onto the mortgage? Do solicitors need to be involved at all?

[bednobs]

no solicitors needed. No financial advisor needed.

[Buenchico]

Worth a read:
http://www.money.co.uk/article/1004398-should-you-switch-your-mortgage-deal-mid-term.htm

[factor-fiction]

I've always done it myself- just use something like the MSE (money Saving Expert) site to find the best deal

[stoofur]

I did it about a year and a half ago. I went to an Independent Mortgage Broker. The fees were added to the mortgage but don't have to be and usually the solicitors fees are paid by the mortgage provider. The Broker will show you what the costs are.

You will need to have the place surveyed which again is usually paid for by the mortgage provider.

There are quite a lot of forms to fill in and it can take a while but we saved so much money by changing.

The only expense I didn't take into account is that when the mortgage company took over. I had to pay the remainder of the month to the previous provider and pay the first month with the new one.

[janbee]

When I had a mortgage, I always did this myself. It's easy peasy. No problems. Plenty good deals out there. Shop around.

[buffymad]

I've just been sent my yearly mortgage statement - so is that pretty much all I need to hand to start the ball rolling?

Stoofur - good point, I'll try and sort something out so that two payments don't run into each other!!

Is it really that simple?!!

I take it the new mortgage provider would require ID etc? Just asking as my passport is out of date and I don't drive ... might cause some problems do you think? (Although passport was out of date when I took out mortgage and financial advisor managed to get it all through somehow!)

[boxtops]

Last time I changed, my bank were offering a good deal - so I just went in and arranged it through the bank, they knew me so no ID necessary. They just paid off the existing lender and moved the mortgage to them.

You certainly don't need an independent adviser or broker, and definitely no solicitors.