Mortgage Advance Or Remortgage

Clubber

I am exactly one yr into a 2 yr tracker mortgage with Halifax and can leave at any time without redemption cost. I currently want to take out an additional sum in order to complete home improvements. Halifax state that if accepted, an admin fee of almost £295 was payable and mentioned that any additional sum would run seperately from the existing loan. HELP - my question is - Given I will need to remortgage in a year anyway, is it more prudent to change lender now, despite an arrangement fee or sit tight for a year. It seems to me if I sit tight not only will I be charged the £295 but in a year I will face new remortgage arrangement costs, plus the additional amount running over a seperate period - tying me into the Halifax for even longer. Any response will be appreciated.

ferry

Hi Clubber and welcome to MSE..

I cannot offer you any advice,but I'm in sort of the same situation and would be interested to hear others views too, so thought I'd bump this up to see if there is anyone who can help us both out.

Thanks

T

regularsaver1

The further advance fee is £275 - or the homeowner loan is £299 (homeowner loan is a seaparate charge)

You can run the additional lending on a product with no tie ins so that in a year you can move it all. I's see someone in a branch rather than the call centre - you'll hjave the same person deal with it from app to completion where as the telephone team is all different