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Re: Mortgages
Before switching, you should check your mortgage agreement to see whether you would have to pay redemption fees. These penalty charges could be expensive (up to 4% of the outstanding amount you owe). It's also advisable to get independent financial advice before you decide to make any changes to your mortgage arrangements. However, if you want to switch to a new deal with the same lender, you may be able to negotiate over the penalties.
You may find that even if there are penalties, they may be balanced out by lower monthly payments. Do your calculations carefully.
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