Re-Mortgage?

lancashire2009

Hello All,
Friend of mine told me he went to Abby to re-mortgage his house,after looking at his figures i think he could be better off with another lender based on his circumstances. Iv told his to shop around and he could get a better deal but he says he has signed some papers today and is waiting for solicitor and surveyor.

Will he be able to back out of this as his fix deal ends in Jan 09??
Thanks

koexelek

Usually with Abbey remortgages, you don't pay any fees until you actually start the mortgage.
They did temporarily take up front booking fees to stop people walking away from their deals without paying them anything, but I don't think they still do that now

lancashire2009

He said hes not paid any fees. Thanks for the replay, i wasn't sure about weather he will have to pay a penalty or just be able to walk way and i thought would be best too ask on here as his mortgage advisor's off work for the rest of the week.

herbiesjp

What deal did they offer him?

What makes you think it was not the best for him?

Lancashire_lad_4

at the moment he is with Mortgage express on 5.64 with 10000. In Dec hes thinking of paying a sum lump which will leave him with about 84000 left on his mortgage.

abby have offered him the following deal on fixed 3yr deal @ 5.39% ;
84000 mortgage with 1499 fees and he will pay 582


I think he needs to shop around as he has finical stability and live with mum and dad.

Ian_Griffiths_Halifax

Is this a Buy to Let mortgage? You say he lives with mum and dad! If it is, then the Abbey deal shouldn't be available.

If it is a residential mortgage he needs, then the one he's looking at has a £1499 Lenders Arrangement fee which can be added to the loan or paid at completion. On a 'Total Overall Cost' comparison, he'd be better off with their 5.74% Fixed to 2/01/12 with a £499 Fee.

Lancashire_lad_4

its a residential mortgage and i was suppose to say his mum & dad live with him who pay for most of his energy bills and help him towards other things so i think he might be better off with a tracker as he has money to play about with.He is one of them person who just cant be bothered looking around and will get the first thing that come towards him.

At the moment he has 23 yrs left with mortgage expresses. the deal abby have offered him will knock 2yrs off and will be based on 20yrs based on 84000