Many property owners see the value in saving money on their current mortgages by switching banks or re-mortgaging their property. Switching your mortgage means taking out a new mortgage with a new bank and using this money to repay your existing mortgage.
Competition is fierce between the banks with many banks offering cash back and others offering to pay a contribution towards the cost of switching. In many instances, the costs of switching (including your legal costs) are covered by the new bank. The common reasons to switch your mortgage include reduced interest rates (thereby saving your money over the longer term), renovations or extensions and equity release.
