ALWAYS REMORGE WITH NEW LENDERS

Legacy_user

I find If you plan to borrow more money on your existing home, its best to Remortgage every time to a new lender. Most existing lenders appeal to the new customer, but not their existing ones.
('HALIFAX' BEING ONE EXAMPLE)
Try ringing as you, then again posing as a new customer. Add the loan to the morgtage, but They'll give you 2 seperate quotes. On the 2nd You'll save a fortune!

(which is also why you should also never tie yourself in, with any redemption penalties)

Thats all

System

DiggingOut

Not true of Nationwide, they will offer the same deal to existing customers as to new customers.

Also, by remortgaging with existing lender, you can sometimes save fees, which may make it worth it, depending on the size of your mortgage.

Also, "never tie yourself in" is not necessarily good advice. A tie-in is never a good thing, but if the deal is good enough, it can be well worth it.

Woby_Tide

also remortgaging with exitsing lender can mean you don't have to pay fees to transfer etc., whilst a lot refund not all do, I don't think you can categorically say that moving lenders is right for everybody

System

Tanks for rounding off what genrally still IS worth people considering.

The pedantics are abundant here. They steal the limelight oh so much.

Readers, listen to us both
(although I only have one star, of course)
:P

Woby_Tide

Pedant = someone who doesn't agree with you, or points out other things to consider?

brilliant stuff Danny, keep it coming


(I also like how you've now changed your mind to say that we should 'consider' moving to a new lender whereas you started the topic saying that we should 'always' change lender when remortgaging, the point about considering changing lenders is valid as pointed out by others replies, all they've pointed out is that 'always' changing isn't necessarily correct in all circumstances)

DiggingOut

How about "Always shop around and compare prices of new lenders and existing lender, taking all things including fees into consideration"? In most cases, this will mean a new lender.

And "beware of tie-ins, they can be costly, so don't accept a tie-in unless you understand the potential cost of it and the offer is good enough to make up for that."

Joe_Bloggs

I agree with everything apart from what Judi said. If you find a good deal that beats your existing supplier why not encourage them to try and better it. Don't burn bridges but leave amicably. Watch out for the insurance. Your new lenders will try and peddle to make up for the lower rate.

@judy have you considered changing your name to ditto ?
@Woby_Tide The term pedantic has become to mean an over-educated nitpicker that misses the scope of an issue.

J_B (No malice intended especially to Judy).

Woby_Tide

I can't work out if you're clarifying or calling me an over-educated nitpicker? ???

System

I still say, Always remortgage with a new Lender
(of course- unless your existing lender can look after you) My point being that most dont.

Its annoying to see eveybody twisting a valid point, and confusing this concept- which is afte all- a good one-

(I also see most of you are agreeing with me- in one attacking way or the another)

Most Lenders are NOT loyal to their customers, without being begged- what kind of loyalty is that?

Therefore You, the customer, must be aware of this.
If they CAN milk you, they WILL do.

My way is to Have:

1) No tie-Ins, Set up fees, redemption penalties as a kick off. period. Lenders hate finding such deals
(especially brokers) Part of the extra being
Theyr'e commision- with words and titles to "flannel" you. In an ideal scenario Your only fee should be the interest you pay on the amount you borrow.

2) If youre worried over interest rates, fix things years for a year. No big worry. Then, then !!!!!! off. Show no loyalty. It is not in most cases its never returned.

3) Always remember-
'Home Is Where The Bank Balance Is'

Its a cold, merciless, moneymaking world, that threatens to repossess your house.. all inside a cosy, fluffy exterior that says "hello, how may i help you".

Enough said.

Joe_Bloggs

@Woby_Tide
I should have said no offence to those labled pedantic who construe an altogether more constructive nature to the word in question.  Contemporary idiomatic standards place pedantic as a  derogative word that indicates a lack of imagination and concern with minor trivia.
J_B