RateSwitch is a free online tool that uses a simple three-step process to help homeowners reduce their monthly mortgage payments with minimal hassle. It does this by finding competitive retention/loyalty deals from the UK’s leading mortgage lenders, so you don’t have to.
All you have to do is tell us who your current lender is, your current mortgage balance and estimated property value – and we will provide you with the best deals available.
Remortgaging is the process of switching your mortgage from one lender to another, usually to achieve a better deal.
Switching rates with your current mortgage lender to save money can be a much easier process, and borrowers who are currently paying Standard Variable Rate (SVR) can look to switch immediately without incurring an Early Repayment Charge (ERC).
Switching rates is typically an uncomplicated process, because mortgage lenders generally allow their existing customers to switch to a retention/loyalty deal without applying a credit check or full affordability assessment.
Acceptance is primarily based on existing customers meeting their current mortgage lender’s standard eligibility criteria; a lending decision only comes into play when a borrower is looking to make a specific contract change.