Remortgage costs

shopbot

I'm about to remortgage and need some advice please:

The fees on the mortgage come to about £950. I have two options: to pay cash for them or add them to my mortgage. If I add them to my mortgage over the lifetime of the mortgage the actual cost will be £1750 so the best money saving option is to pay cash. However if I do this it will put a significant dent into my savings which I am very reluctant to do (as I want to have enough to cover for unseen events).

What do fellow MSE's think?

Thanks
SB

avondale

Hi,
I read your post with interest as it's something that i've pondered recently, i'm currently remortgaging, and in the literature it stated that i could ad the fees to the cost of the mortgage, this would have worked out in the region of £820. I'm no einstein but thought the best process would be to pay the fee outright, rather than the lender making a hefty profit. The sum is not a drop in the ocean but with a bit of extra overtime at work i think i could soon get the money back in my account.

shopbot

It would make a significant dent in my savings and take about a year to pay back. The only other option I could think of would be to roll the fees into the mortgage and then make overpayments when I can to reduce the impact on the mortgage.

scooterdude

Know how you feel apart from arr fee and paying a broker ive cut out alot of searching but best of all get my remortgage fastracked without legal fees

bustyb293

did you rear my post about the virgin one ( not the one where you have a bank account) its for a year discounted ....no fees nothing! no valuation or setup or leagal!! you can leave any time! 4.99apr gives you a year to sort things out....or just jump afrer a couple of months........just £75 for closing........