£30k mortgage... where to take it ?

soweezy

we're down to £30 and, because Co-op !!!!ed up with our move from Barclays, we're stuck in a repayment mortgage with no discounts.

basically, we wanted to move the mortgage from Barclays to Coop as the 2year reduced rate was coming to an end, and Coop offered a better rate.
the deadline came and went and Coop still hadn't sorted it out (6 weeks later) so we cancelled the move and are still with Barclays paying £221/month

considering we have such a small mortgage, and Barclays want £500 to remortgage at their reduced rate, what would be our best option ?

thanks

Robert_Sterling

It is a pity that the bank were not more co-operative.

The remortgage fee hits people with a small mortgage much more heavily than people with a large mortgage. In your case it adds around 0.8% to the mortgage rate.

So if the reduced rate is 1% or more less than you are being charged I would say go for it.



However this is NOT financial advice. It is just what I would do.

UK007BullDog

I would say go online and check some trackers with a low fee but where you are able to overpay so that you can reduce the mortgage very quickly.

Because the proc fee for such a small mortgage is so low most brokers will charge for their service.

herbiesjp

What is the fee to leave Barclays?

YOu may still be able to find some deals that will be worth while mving to even after taking into account exit fees - you may be able to find totally fee free deals to move to that will meet your needs.

HTH

Dr.Lou

Brittania have some fee free deals at the moment - may be worth a look.