/ Author: Hamilton Brooke

With 0% document duty on registration of bonds from 1 January 2019, you could find it cheaper to break free and switch to a better mortgage.

It is that time of year when annual mortgage statements arrive, and this is the ideal opportunity to check if your mortgage is the best one available to you. Many people may be assessing their financial situations, for the year ahead, but the question is, are you happy with your current mortgage provider? And would you consider switching, if you had the choice to do so?

Previously, the duty on bonds discouraged people from changing mortgage provider, as the fees made it uneconomical for many and it therefore ‘trapped’ people into paying higher interest rates than available elsewhere, essentially making them ‘mortgage prisoners’

From 1 January, 2019, this has all changed. Document duty on the registration of bonds has been slashed to 0%, and this is great news. This will benefit first time buyers in particular but it will have a wider impact on the housing market, by freeing up the credit market and liberating mortgage users.

SPF offer a huge range of mortgages including fixed rate, tracker and interest only. Contact us with your current rate, loan to value and term and we’ll help free you of your mortgage prison!

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