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Switching Home Loans Switching your to another lender may not be the ideal solution that is presented to you. There are some traps that can catch the unwary. For a start, the fees to change over may amount to quite a bit, and your current loan may have exit fees, so you'll be paying to leave and paying to get the new one.
While you may be temporarily dazzled by the honeymoon rate of interest, since this will only last for 6-12 months, will it really be a save? Read all the fine print to see what happens after that time is over. Your new lender may reserve the right to bomb you with even higher rates.
Find out if you have to take out mortgage insurance - again.
You probably had to take it out for your current loan if you've borrowed 90% or more of the purchase price. Mortgage insurance benefits the lender, not you, so you don't want to pay it twice.
Your own lender may cut your rates if you ask, that will save you the costs of switching over. If not, compare the deal that you are considering with current building societies or credit union loans for comparison. They often give really great deals with no monthly fees.
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