Remortgage advice please

hamario

Hi, this is my situation:

My fixed rate period ends at the end of Feb, so I have started looking around now. I have £101,500 left on my mortgage, so am looking to remortgage for this amount over 20 years. I am currently paying £636 per month on a repayment basis with Halifix. They haven't offered me anything as yet, but I believe they nearly always don't offer good deals to existing customers.

I have been offered the following by two different mortgage brokers:

Offer 1
3 year fixed at 5.39%
Monthly payments of £691.91
No overpayments allowed
Absolutely no fees (apart from an exit fee from Halifax)

Offer 2
2 year fixed at 4.97%
Monthly payments of £664.88
Overpayments allowed
£400 Product Reservation fee
£100 Remortgage Admin fee (plus exit fee from Halifax)

I'm not too clued up on mortgages so am not sure which one I'd be best off going with (i'm also very indecisive!).

Any advice would be appreciated!

Thanks

herbiesjp

The second deal looks like Nationwide - I believe they have just got rid of the re-mortgage admin fee

payless

correct .(from 1/12/) ...But the reservation fees on the product is increasing by £100! for remortgages, and rate increasing also

hamario

Thanks guys, yes the second one is Nationwide. The first one is Principality building society.

So for Nationwide, if I want this deal I need to move quick then if they're increasing remortgage rates!

payless

the nearest comparable with them going to 5.08% for cases lodged with NW after 5pm Thurs

KTF

My spreadsheet might be able to help you compare the cost of the two deals.

hamario

My spreadsheet might be able to help you compare the cost of the two deals.

It'd be much appreciated if I could take a look........thanks!

KTF

On its way to you now!

regularsaver1

Halifax are chaning their bands of rates it was announced today so they will be on website shortly

The fee to leave Halifax if you want to know is £175 early discharge fee, plus £50 if they hold your deeds