Thanks, I only have 2 years left on the term so it looks like the cost to switch will be too much to justify a switch.To move lender, you need a solicitor.
You repay old mortgage.
You start a new mortgage.
A sol is needed to redeem the old mortgage, arrange for searches, charges on property.
This is why banks often offer 1,000 to switch, it is to contribute towards legal fees.
A lump sum can be paid off at any time fixed or variable.Thanks, I only have 2 years left on the term so it looks like the cost to switch will be too much to justify a switch.
Can a lump sum usually be paid off at the end of a fixed term?