£225 to move my Mortgage??

Erno

hi, i have had the same problem, my 3 year deal runs out next month and the best fixed rate they could offer was 5.29%. i then said is that the best you can do which they replied yes so i said i was going to move my mortgage then to be told there is a release fee of £225. it stinks. anyway found a better deal altogether and gone to the chelsea. my broker told me all the abbey are interested in doing is finding the best deals for new borrowers

catherineblack

HGLTsuperstar wrote:

catherineblack wrote:

!) Abbey are going to charge me £225 to move mortgage providers - even though the 'deal' I had ended a year ago. I find it very unfair as changing mortgage provider will save me around £200 per year - so there is no point in me moving.

but the £225 is a one-off fee so assuming you have more than 1 year left on your mortgage, you will save overall

Yes I'll save overall, but most other mortgage providers are charging a fee to start a mortgage with them. (not many, but some)
But you've made a good point and I'll consider that!

catherineblack

Thanks Yorkshire Boy, I probably should have been more clear. You make a great point - it is a lot of money long term! My mortgage is very small (though I've got 23 years left on it). Perhaps I'll post a thread with my details for extra advice before I resign to sticking with Abbey. The new deal Abbey will offer me is only going to save around £8 per month.
Thanks all!

WiseInvestor_2

Provided any deal has ended, presumably there's no 'early repayment fees', so would it be possible to ask the new lender to pay all but £1 to your existing lender, to keep your account open with them thereby avoiding (postponing?) Discharge Fees?

Poppy9

WiseInvestor wrote:

Provided any deal has ended, presumably there's no 'early repayment fees', so would it be possible to ask the new lender to pay all but £1 to your existing lender, to keep your account open with them thereby avoiding (postponing?) Discharge Fees?

Ooh you are very wise but I think most BS ask you if you already have a mortgage on the property.