Switching your mortgage provider doesn’t have to be a daunting process. There are a lot of benefits that come with switching and at Cornmarket we try to make the process as simple and straight forward as possible by doing the hard work for you. We’ll search the market and come back with the solution for you – it’s that simple.
Benefits of switching:
Decreased Loan-to-Value = Lower rates available:
Since your mortgage loan has gone down and your property may have potentially gone up in value, your Loan-to-Value (how much you owe on the mortgage versus the value of your property) may have gone down, which means lower rates may be available to you than when you first applied.
Overpaying without knowing:
Most people will find unless they have been proactive with their mortgage, it will likely be on a variable rate or may have reverted onto a variable rate at the end of their fixed rate term. Variable rates can often be higher than the fixed rates on offer.
Lower rate = Lower monthly repayments
The lower the rate, the less you are paying the bank in interest, while still clearing the same amount of capital from your loan.
Cashback for switching
Many people are under the impression you will be penalised for switching, when it’s quite the opposite. Some providers will pay you to bring your mortgage to them, and provided you are on a variable rate, you shouldn’t incur any breakage fees from your current provider.
Potential to reduce the term
By bringing down your interest rate, a shorter term may be affordable to you, which means you could potentially clear your mortgage earlier than expected.
Many people know they can save money by switching mortgage provider, they just don’t know where to start. That’s where Cornmarket can help.
Benefits of switching through Cornmarket;
Expert, impartial advice
We work with most of the major lenders and can provide expert impartial advice as to which mortgage is the best fit for you.
We do the hard work
We’ll chat with you at a time that suits you. With one application we can apply to all mortgage providers we work with, to get the best deal for you that we possibly can. This service is available nationwide.
Public sector specialists
We specialise in public sector mortgages, but can look after applications for the private sector too.
Better rates and cashback
We will help find you a great rate specific to your mortgage, while also incorporating any cashback available in doing so. This will mean your monthly cost may come down, and we’ll try secure you a cash lump-sum on top of this.
Full mortgage review
In trying to get you the best deal we possibly can, we will conduct a full review of your mortgage. We can explore reducing the term, consolidating loans and can conduct a complimentary review of your mortgage protection and home insurance to make sure you are not overpaying on these either.
Interested in the possibility of switching your mortgage provider?