Fee free re-mortgages

hansi

Are there any fee free re-mortgages out there?

herbiesjp

Brief answer is yes - there are fee free mortgages out there at the moment.

hansi

could you advise further please, re rates etc, Thanks

herbiesjp

Hello Hansi

Due to the new regulations, as has already been posted elsewhere, it is now more difficult for mortgage brokers to advise on rates on the board.

One of the main reasons is that it goes against the main criteria of "know your customer".

If you would like to send more information in a pm then by all means do so, as this would then allow me to build up a picture of what it is you are trying to achieve, whilst making sure the process is affordable to you now and in the future.

Fairdo_2

As herbiesjp has stated, we cannot give specific advice here, but generic is okay. The afore-mentioned is bang on about info before advice, which makes it difficult to have a simple and straight forward to a forum like this. As it is rather too much to ask for any new posters to give a full and frank life and financial history for us to give a straight and direct answer.

Therefore, apologies to all current and future posters if people like us seem almost illusive or vague in our replies!

However, depending on which lender you are with and what you require from your mortgage, there may be a few options for you to consider.

Many Lenders do not necessarily offer you products that are availble to new customers and can often offer the "next best thing" if you ask for a new product. However, some are quite good at providing loyalty to their existing clients. It would be your first port of call if you are doing a £ for £ remortgage (not borrowing additional monies).

You may have to pay a Product Transfer or Admin charge, but you would not then be undertaking a full ReMortgage, as you are just moving to a new product with the same lender.

But, as is often said on this forum, it is better to get the full picture, therefore, compare the existing lender offer with what else is out there. For any of us to start giving advice in this matter, we would need to know more (which is probably better addressed by sending a PM or email,so that not everyone knows all of your personal business!)

Hope this helps a bit, even though it must be a bit frustrating not to get direct answers from those dealing with this Day to Day!

smartsaver

We have just taken out a fee free offset mortgage with Britannia... But we were re-mortgaging as existing customers...

rbridgewater

I've just re-arranged my fixed rate with nationwide (as an existing customer), and was shock to find that I had to pay £349 arrangement fee.
The operator said that nationwide had to secure the rate, and that was what the fee was for; sounded like a rip to me.
I tried to sort this out months ago, but they won't let you arrange anything more than three months in advance (and that's at your branch, who rarely answer the 'phone); over the 'net or 'phone, it's only six weeks. Is there a valid reason for the difference, or is it a conspiracy to get you to re-sign in panic with the deadline looming?
Better than some though, who wanted £1100 to switch!

Fairdo_2

Unfortunately, the reason they have such a short deadline is that with Nationwide, you are doing a Product Transfer, rather than a full Legal Re-Mortgage. This fee that they are charging you is to buy into the Fixed Rate. In a way, it is gaining your commitment,as they are bagsying the funds for you when you apply. This means that, as there is a limited supply of funds to lend at each given rate, they do not want to commit those funds to you if you are likely to go elsewhere!

They are pretty competitive for their Fixed Rates at the moment and they are NOT favouring new borrowers over you as an existing borrower, which is not something every lender does!

As already discussed, there are fees free remortgages out there, but bear in mind there is normally some sort of balance to be had. Therefore, in general, you would need to expect to pay a slightly higher rate for your remortgage to be completely fees free. When you get Free Legals, you need to ensure that the ReMortgage would be straight forward (not including new names on the property for example) otherwise the Free Legals can become chargeable.