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Correct at 31/03/2020

Switch to a new mortgage deal with L&C

If you’re looking to switch to a new mortgage deal, L&C can help you work out how much money you could save, and whether you’re better off moving to a new lender or sticking with your existing one.

Our online Mortgage Finder makes it easy to compare the rates offered by your current lender to 1000s of other available deals. When you’ve completed the Mortgage Finder you’ll be able to see which ones you’re eligible for, and we’ll make sure you qualify before you apply.

Once you’ve spoken to one of our mortgage experts and we’ve recommended the best option for you, you can apply either online or over the phone. We’ll be on hand to help you through the process from start to finish, and our advice won’t cost you a penny.

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Finding the best deals for switching mortgage

If your current mortgage deal is coming to an end, you may be able to save money by switching to a new mortgage.

When your mortgage deal finishes, you’ll usually automatically move onto your lender’s standard variable rate (SVR). This tends to be higher than the rate you’ve been paying, so it’s a good idea to start looking at your options around 3 to 6 months before your current deal ends.

If you’re switching to a new deal with the same lender, the costs involved can be lower than moving provider. Bear in mind that your current lender may only be able to provide you with a limited number of options, so it’s worth comparing mortgages from across the market to find the best deal for you. Moving away from your current lender could mean you’ll have a much wider choice of mortgages at better rates.

Whether moving lender or not, we can let you know which mortgage deal is right for you, saving you the time and effort of searching through lots of mortgages yourself. We’ll also support you through the application process, with a dedicated case manager to do all the legwork on your behalf.

Switching mortgage FAQs

Can you switch mortgage deals early?

You can switch mortgage deals early, but you may have to pay an Early Repayment Charge (ERC) to leave your existing deal. These charges can be expensive, so you may be better off waiting for your current deal to finish before you switch. Our experts can help you work out whether you should change your mortgage now or wait. If you want to compare one deal against another, take a look at our mortgage comparison calculator.

Do I need a credit check to switch mortgage deal?

If you’re switching your mortgage to a new lender, a credit check will be carried out as part of the application process. If you’re switching deals with the same lender without increasing your borrowing, they might not insist on carrying out a credit search as you already have a relationship with them. Our online Mortgage Finder allows you to see which deals you might be eligible without the need for a credit check. This will only be carried out when you submit your full mortgage application.

Will I be charged any fees when switching mortgage?

There are various costs that you may have to pay when you remortgage, although many deals come with offers such as free legal work or cashback, which can help keep costs to a minimum. If you’re switching your deal with the same lender, you might not need to pay a valuation fee or for legal work, although you might still be charged an arrangement fee. Our experts can help you find the deal that works best for you. You can find out more in our guide ‘How much does it cost to remortgage?’