Coming to end of Fixed rate mortgage

elder1 · 27 June 2016 at 6:57PM

Hi All,

I'm looking for advice/info if possible. I bought a house almost two years ago as a first time buyer and had a 2 year fixed rate mortgage through Virgin Money, and the 2 years is almost up which would put me on a standard rate in a few months time.

Virgin Money currently have a 5 year fixed rate product to which I would like to change to once my current fixed rate ends. What is involved in changing products? Do you have to pay solicitor costs, valuations, etc. when changing products, or is it just purely administrative on VM's side of things?

Any help and advice would be greatly appreciated. Thanks.

Boredatwrork · 28 June 2016 at 9:25AM

If you are swopping product with the same company, most likey you will not have to go through the full process online, Halifax for example allow you to switch online in a simple 2 minute process, no solicitor cost/valuations.

You have already proved to Virgin you are/were credit worthy, hence why they gave you a mortgage in the first place. The easiest thing is just give them a call and ask, If you ask them they should also tell you how much they currently value your house and what LTV you have based on that. and what products are currently available.

Mortgage_724433 · 30 June 2016 at 4:56PM

If you're not making any material changes to your existing mortgage, such as increasing the borrowing, then the product transfer process with Virgin you should find to be straightforward and relatively inexpensive, as they'll be no valuation or legal fees to pay.

It may be beneficial to have a quick chat with a whole of market broker, one of which doesn't charge advice fees, as they'll be able to provide you with some comparisons with remortgaging elsewhere. They'll be able to show you the costs involved, and how this mirrors against staying with Virgin.

You never know you may find switching to another could provide you with a fair saving.

kingstreet · 30 June 2016 at 5:41PM

First of all, where did you get the product data?

If you got it from the "remortgage" table, ignore it as you are not remortgaging. This is an oft-wrongly used and unhelpful term.

Such products are for borrowers moving from another lender to this one.

If you want to stay with VM, you need to ask what customer retention products it has, those for "existing borrowers not moving home whose deals are coming to an end."

Normally, such products are available without credit, affordability or status checks. If there are fees payable, you'll have to work out if the fee-paid product or the fee-free version is best for you.

elder1 · 14 July 2016 at 8:10PM

Thanks for the all the reply's and info. I got the product data from Virgin Moneys own website...."If you are an existing Virgin Money mortgage customer, this page has all you need to manage your mortgage." which allows you to do the online process of changing products. Just another question if I may. Is there any Early Repayment Charge changing products with the same provider once your fixed term ends? Thanks again.

TBagpuss · 14 July 2016 at 8:32PM

An ERC is paid during the fixed period. Once the fix ends, the ERC does, too.

Coming to end of Fixed rate mortgage

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