End of two year fix, do you have to pay new fees?

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shawz007
shawz007 Posts: 12 Forumite
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in Mortgages & endowments
This must be an easy one. If at the end of a two year deal you simply want to take your same bank's next 2 year fixed rate deal, do you still have to pay the fees, which tend to range from circa £750 - £1500? If so makes it much less of an easy decision between fixing for longer if you have to up the frequency of huge fees from 5-10 years to every two years...

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  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    If there's a product with a product fee which would suit you better than one without, then yes.

    Otherwise, no.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    shawz007 wrote: »
    This must be an easy one. If at the end of a two year deal you simply want to take your same bank's next 2 year fixed rate deal, do you still have to pay the fees, which tend to range from circa £750 - £1500? If so makes it much less of an easy decision between fixing for longer if you have to up the frequency of huge fees from 5-10 years to every two years...

    It's all part of the number crunch along with the other factors like changing LTV

    most lenders offer a fee or no fee with a different rate an it is a trivial(ish exercise working out which is the best for the current debt.
  • Boredatwrork
    Boredatwrork Posts: 2,068 Forumite
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    If you look at the lenders website they often have two different pages showing borrowing rates with associated charges. One for new customers, one for existing customers.
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