1
When will my lender show me my switching options?
This tends to be available to you a few months before your current deal is due to expire. Now my advice would be to keep in mind what they are offering but also reach out to your broker to check the market to make sure this is competitive and is actually a good deal.
2
How much does it cost to switch with my current lender?
Most brokers (Including me) do not charge to switch your product with your current lender and although you can do this yourself I believe a broker doing this for you as well as comparing it to the current market gives you peace of mind knowing your on the best deal.
Other costs involved would be lender arrangement fees. Now what you will find is lenders will charge an arrangement fee on there lower rates - this is normally around £995. This can be paid up front or added to the mortgage balance but if added to the mortgage balance remember you will pay interest on the fee so it will overall cost more.
3
Do I need a solicitor to switch my deal?
No, on most occasions. I have come across one lender which instructed a solicitor on their behalf but most high street lenders do not need you to instruct a solicitor. Whereas remortgaging you will need to.
4
Can I make changes while switching a product?
Yes, you can make changes to the mortgage when switching your deal. This could be additional borrowing for home improvements or consolidating debt, some lenders will allow you amendment the repayment method to interest only if there is a valid repayment strategy - so yes you can make changes,