fee or no fee?- Halifax renewall

jonf

Hi,

We have a 50k mortgage on a house worth about 200k and have entered Halifax SVR after a 5yr fixed in the past couple of months (we have 20yrs more left). We now want to fix again for 5 yrs- Halifax are offering rate of 5.49% with £999 fee or 5.79% with no fee. As my maths is rubbish, can anyone tell me whether it would be best for us to go with the fee or the no fee and why please?

Any replies are much appreciated,

Cheers, Jon

castle96

all depends on how long you keep the mortgage with them, surely. One works out at a lower payment than the other, but you would pay more over the 20 yr term

castle96

sorry - figures - interest only...

5.49% £233.32 assuming the £999 fee is added to the loan
5.79% £241.25

beecher2

5.49% is £343.66
5.79% is £353.18

Taking the no fee option would cost £600 (£10 x 12 x 5) extra over the 5 year term, and so would be a cheaper option.

Have you looked elsewhere as you may get a better deal?

also, their 3 year deal is 4.69% with no fee and would be £321 - I'd be more inclined to pick that I think.