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How to change your mortgage?

Discussion in 'Talk about Turkey' started by Umit, Jun 6, 2004.

  1. Umit

    Umit Veteran Staff Member

    Think very carefully before changing your home loan. There are many aspects to consider, and whilst a cheap interest rate is important, the right structure and features are also vital considerations.

    The 3 main points to consider when deciding whether or not to refinance are:

    1. Decide what you need – list the options and features you want in a home loan and give each a score. This enables you to compare different loans.
    2. Talk to your current lender – to keep you as a customer they may agree to change your contract or switch to another loan structure without penalty.
    3. Add up the costs and benefits – you can use our loan calculator to compare the total amount payable on your current loan and other loans, but there are also other costs to consider:

    -Termination fees/discharge fees
    -Break costs
    -Government charges
    -Legal expenses
    -Valuations

    If you decide to refinance, there are many different types of loan to choose from:

    -Standard variable loans
    -Honey-moon rate loans
    -Basic Variable loans
    -Fixed rate loans
    -Split/combination loans
    -Equity overdraft loans
     

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