Compare Same Lender Remortgages

Same lender mortgages

Most people look to renegotiate the terms of their mortgage when the initial fixed period of the deal ends. In addition, it is possible to agree a new mortgage if you want to borrow more money for lifestyle pursuits or debt consolidation. Either way, many think that the best thing to do in these situations is to look elsewhere on the high street and take up a special offer designed to attract new customers.

This is not necessarily the case. In fact, if you're happy with the service, there are all kinds of potential advantages of staying with your current lender. Just about all banks offering special deals for existing customers as well as new.

Keen to keep your mortgage business, not least because customers tend to take out a whole host of additional finance products alongside it, the bank may be prepared to undercut the competition in terms of the interest rate you pay, the length of any fixed deal you take out, or the fees applicable for tying off the existing mortgage.

The bank may also offer to reduce or even waive the application fee for the new mortgage, since it already has a relationship with you and will therefore have to spend less time and money completing the deal.

By the same token, this can makes the application process quicker and easier for you - and that's not something you can expect every day from a bank.

Click here to learn more about remortgaging with Know Your Money's dedicated guide.

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