Looking for new mortgage with no Early Redemption Penalty

neilo

Hi

My current mortgage runs out December
Looking for new mortgage with no Early Redemption Penalty as looking to sell next summer.
40% LTV
maybe a tracker any ideas?



Cheers Neil

Locoblade

First Direct and possibly HSBC are worth a look, I know the former does a no fees, no tie-in tracker, and Im fairly sure the latter do too.

koexelek

Hinckley & Rugby do a 5.69% tracker with a £799 fee

Skipton do a 6.49% tracker with no fee.

Depends on loan size and how long you intend to have the mortgage as to which is best

Locoblade

koexelek wrote: »

Hinckley & Rugby do a 5.69% tracker with a £799 fee

Skipton do a 6.49% tracker with no fee.

I assume those are actually now 5.19% (i.e +0.69%) and 5.99% (+1.49%) with the rate drop, otherwise :eek:

FWIW, the FD ones are currently 4.99% (+0.49%) with £999 fee or 5.29% (+0.79%) with no fee, not sure on the HSBC one I mentioned.

feisty1

What are you going to do when you sell yr existing property? If yr going to buy another you can choose a product when yr existing mortgage expires(fixed, tracker etc) that would be portable to yr new property. If not look at the costs involved of leaving yr current lender, u will have a discharge of deeds charge and then whatever costs are involved in setting up new mortgage with another discharge of deeds charge......weigh this up against staying on SVR or choosing a new product

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herbiesjp

Please be wary of porting in the current climate

Lenders criteria is changing and with house values going down, please who are looking to port are falling foul of the fact that many lenders have reuced their loan to values on deals

So whilst they may let you port your mortgage across, they may now have a mximum loan to value of say 80% which would mean having to find an increased deposit for the new property, which may or may not be an option

There was a post on here in the last few days highlighting this fact

rp8049

First Direct do an offset base rate tracker at 0.79% above base that is totally fee free - nothing to pay now and nothing when you redeem early.

feisty1

First Direct .........if you are re-mortgaging a property in England or Wales you will need to pay for a professional valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.

Locoblade

feisty1 wrote: »

First Direct .........if you are re-mortgaging a property in England or Wales you will need to pay for a professional valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.

Not on the no-fees +0.79% rate though.

there are no arrangement, booking, closure administration fee, early repayment or property valuation costs to pay. first direct will pay any enquiry fees to your previous lender, money transmission fees and land registry fees

lisyloo

you will need to pay for a professional valuation

I paid for an independent valuation with FD and it was £99 which is much cheaper than a lot of other lenders.
This was a "drive by" and your house needs to be visible from the road.
I expect they did it from behind a desk.