Having taken out a mortgage, you are not locked into that particular loan for the full mortgage term. Lenders compete fiercely for your custom and you may be able to reduce the cost of your mortgage by switching to a new lender. Against this you must set the costs of making the switch. These might include: valuation, legal and land registry fees; arrangement fee and mortgage indemnity insurance premium charged by the new lender; discharge fee, deeds fee and any early redemption charge levied by the old lender. The costs can easily come to
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