HELP !!!! **Re-mortgage**

Conrad

Watch out for INTERIM INTEREST which is payable should you change lender, and can be levied by both lenders, rendering a remortgage less worthwhile.

This cost is often overlooked by brokers but is a real cost to be taken into account.

As a general rule I find a remortgage is'nt cost effective for the client with a small mortgage.

If you want to remo then Nottingham Building Society might be worth a look. I think rates start at about 4.99% with very very low fees, free legals etc but please check everything properly. I beleive they offer 3 or 5 year discounts, so might be cost effective.

Good luck

nidje

Hi

I apologise if this has been mentioned but I have not read this thread throughly.

I had similar problems earlier this year when applying for a re-mortgage for the £27000 I have outstanding.

The only place I could get anything like a sensible quote was with the Co-op Bank. I have a fixed rate for 5 years at 5.04% and then SVR for a further 4 years. I am making regular overpayments and plan to have it all paid off by March 2011. I would like to have it paid off sooner but will incur charges if I pay off completely inside the fixed term

Although this wasn't the best rate available, at the time it was the only company that would offer me a mortgage with sensible rates.

HTH
Nx

MortgageMamma

Conrad wrote:

Watch out for INTERIM INTEREST which is payable should you change lender, and can be levied by both lenders, rendering a remortgage less worthwhile.

This cost is often overlooked by brokers but is a real cost to be taken into account.

As a general rule I find a remortgage is'nt cost effective for the client with a small mortgage.

If you want to remo then Nottingham Building Society might be worth a look. I think rates start at about 4.99% with very very low fees, free legals etc but please check everything properly. I beleive they offer 3 or 5 year discounts, so might be cost effective.

Good luck

#How would you know what is often overlooked by other brokers? Why do you feel it necessary to criticise the work of other brokers to promote yourself?

Conrad

MortgageMamma wrote:

#How would you know what is often overlooked by other brokers? Why do you feel it necessary to criticise the work of other brokers to promote yourself?

Errrrr, because Ive worked in the industry for 15 years.

Why do you seek to undermine warnings I give laypeople? Interim interest is often overlooked, so worth pointing out.

In Mortgagemamma land all is well, but here in the real world people get mis - advised every day.
A prime example is Mortgage Payment Protection, which has an appauling record in terms of claims paid out, yet Mortgagemamma type robots suck in all the hype the industry feeds them.

I remember debating with rose tinted types like you years ago, when I asserted endowments and pensions represented poor value. All the mortgagemammas in the room couldnt understand all the fuss, but they do now.

How about self cert mortgages? Have u any idea how many mis - selling claims will be comming along quite soon? No thought not.

Bless