Switch mortgages early to save: Lenders allow homeowners to move to a better rate four months before the end of their current deal
Borrowers need not wait until the end of their mortgage term to switch to a cheaper deal, experts say.
Lenders are allowing homeowners to move to a better rate up to four months before the end of their current deal without any penalties, according to mortgage broker L&C.
Most banks allow customers to secure a new rate up to six months in advance, but the transfer does not take place until the current deal expires.
Now Nationwide, Santander, Clydesdale, TSB and Halifax are all offering the chance to transfer in advance without exit fees.
Santander customers can do so up to four months in advance, Halifax offers two months, the rest three months.