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L would like to transfer my mortgage from my current lender to a bank. How do l do that

L have a mortgage with NYM which is interest only and would like to find a mortgage which l can start repaying with a bank. l got my first mortgage with one company which transferred me to the current one North Yorkshire Mortgages. The reason l went through a broker was that l was in an IVA and my five year term finishes in June 2011 so l would like to find better deals for my mortgage then.

Asked on Jan 30 2011, House Prices in Walsall | Report content

Answers (1)

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  • Whether or not you can re-mortgage to another lender depends on many factors including, but not limited to, how much equity you have, your income, credit status, payment history etc etc. However, I cannot imagine any reason why your existing lender would not convert your existing mortgage to a repayment basis, in fact I'm sure they'd be delighted to do so as it would become a lower risk mortgage for them. Alternatively, you could simply increase your monthly payments, which should start reducing your mortgage balance immediately - check with your lender to see if over-payments are applied straight away and beware of any penalties for over-paying. Are there any other reasons you want to change lender, such as the interest rate you are paying?

    Answered on Feb 1 2011, Report content

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