Can I switch to a new lender?

Yes. To see if you can switch to a cheaper mortgage visit www.moneyhelper.org.uk and complete the simple, impartial and free questionnaire.

To help you complete the questionnaire as accurately as possible, it would be useful to have your latest mortgage statement to hand. The questionnaire takes 5 minutes to complete and when you get to the end you’ll be given an indication of whether you may be able to get a cheaper mortgage elsewhere. There’ll also be information on where you can get further advice on the options available to you.

You can also contact The Money and Pension Service on 0800 138 7777 (England) or 0800 138 0555 (Wales) for further information on what the rule changes might mean for you. If you do choose to switch, the new mortgage must be secured on the same property as your current mortgage and can’t be a buy-to-let mortgage.