Investment Mortgages- Initial Rates and Switching

Hey There,

I currently have an investment mortgage which is currently being repaid (interest only) at 3.08%. This is due to rise after 12 months to the standard APR which for me will be in 6 months. The question I have is:

This is an inital rate offered by the bank - can I therefore switch my mortgage after 12 months to a different financial institution and avail of their own initial rate for investment? This sounds way too easy to do so I assume the legal fees involved would wipe out any gains. I would expect to pay 6K more next year if I start on the standard rate of interest so is it worth my while or even possible?

Any advice would be great

Cheers!

I'm sure this is possible. I'd make sure that when shopping around I was getting like for like, e.g. will other lenders leave you at interest only for the same time period as your current lender? If you research where you'd like to go, see if they offer a free or subsidised legal package/valuer. 6k is a lot so if there's a saving to be made, I'd go for it even if it was a hassle. Try running it past a broker to see if there are any other implications. Not too sure about how the institutions would view you but I imagine they'd just be delighted to take your money as long as you meet their criteria!