Changing Mortgage every 18 months

carryoncamping

I've just been reviewing what mortgages are availble on:MortgageGenie

My property has an estimated value of £135,000 and I require a mortgage of £85,000 over 25 years on a Split basis. £25,000 on interest only and the remainder on repayment.

The MGenie Offset Exclusive(MG428): 4.69% Tracker - 18 months, has the following benfits:

No Booking Fee
No Arrangement Fee
No Valuation Fee
No Legals
No Discharge fees

This might seem like a daft question but what with the relatively good interest rate of 4.69% and no tie-in, is there anything to stop me from being a "Mortgage Tart" akin to Credit card swaping once the intro offer has finished?

Does anyone else swap mortgages on such a regular basis (every 18 months)?

Ian_W

Nothing at all to stop you being a mortgage tart, fact you'll find loads of em here if you stick around long enough. Unfortunatley deals like that with good low interest rates and, seemingly, no fees are not the norm.
Most low rate fixed/discounted rates average £4-600 arr fees, a lot [but certainly not all] come with free legals and valuation and the industry average discharge fees are now about £2-300. So when you're tarting you've got to factor these into the equation and you'll then often find that the lowest headline grabbing rate is actually more expensive because of the fees.
HTH - mortgage tarting is certainly not a minority pastime at MSE.

Froggitt

Personally Ive been on one deal or another since the early 90s, and I move when my existing mortgage company wont give me the deal I want. However, personally, the 5 year fix suits me, rather than shorter deals, as the arrangement fees, exit fees, legal fees etc can add up.

Old_No.7

I have only limited experience, as we've had a property for 3 years, and the discount ran out after 2 years. Remortgaged immediately with the same bank (A&L) as their deal was still v.good - only cost £195, no new survey etc needed, and no problem to keep remortaging to discounted products, they said. The £195 fee was less than the difference between full pay and discounted rate, so we were well pleased, and hoping to do same thing again in a year's time.