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Mortgage Fees - Please Help!!!
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modfather_3
Posts: 1 Newbie
Hi all. Want to rack your brains over a mortgage query.
Got locked into a fixed rate 2 years ago at a ridiculous 6.29%. I was looking at changing mortgages to save some pennies, but when I take into consideration the early repayment charge of over £1300, it doesn't seem so cost effective after all!
I have read somewhere that there are mortgage providers who pay your fee if you change to their deals. Whilst I appreciate the cost may lurk somewhere in their overall package, I was wondering if anyone knew of any such companies.
Thank you all in advance.
Got locked into a fixed rate 2 years ago at a ridiculous 6.29%. I was looking at changing mortgages to save some pennies, but when I take into consideration the early repayment charge of over £1300, it doesn't seem so cost effective after all!
I have read somewhere that there are mortgage providers who pay your fee if you change to their deals. Whilst I appreciate the cost may lurk somewhere in their overall package, I was wondering if anyone knew of any such companies.
Thank you all in advance.
0
Comments
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Nobody will pay you to take their loan.
Who is your current lender?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have read somewhere that there are mortgage providers who pay your fee if you change to their deals.
No. There were lenders that would waive the ERC or even reduce some of your loan if they wanted to get rid of you. These were mainly the high risk lenders that have since pulled out of the market. Not you mainstream lenders.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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