Query over remortgage fees with same lender.

madaminx

Hi All

I am going through a remortgage process at the minute and am planning to stay with my current lender. Because I am staying with the same lender I am querying two fees which they are charging me.

They are as follows:

1. £799 which is a booking fee (a set amount which can be paid on completion or can be added onto the mortgage amount).

2. £225 which is mortgage account fee for the provision and general administration of my mortgage.

I look forward to hearing from you.

Many thanks

M

TrickyDicky101

Booking fee is often linked to the rate you receive on the product - is it a good one? Account fee seems fairly par for the course depending on lender. What else is available from other lenders?

_Andy_

Nothing wrong with the fees.

fiesta04

1 £799 is average for a 2-3 fix 2 £225 is also average. Unfortunately they have us by the bol***** and it seems £1000 wasted.

madaminx

yes I quite agree that it feels like £1000 wasted these days . . . . . I might challenge it anyway . . . . . nothing ventured nothing gained . . . ..

The rate I'm being offered is 3.79%.

Thanks for all your help.

M

kingstreet

You're actually transferring products, not remortgaging.

If you are unhappy with the transfer, have you considered remortgaging to another lender?

Many offer low or no fee deals and also pay your legal costs.

What kind of deal and how much are you borrowing on what property value?

kingstreet

As an example, Woolwich has a 4.19% 2 year fix for remortgagers which has no arrangement, valuation or booking fees and your legal fees are paid for you. £300 cashback is also paid on completion. This is available for those with 25% equity in their homes.

If you need 70% mortgage or less, the rate falls to 3.79%, again fee-free.

With no cashback, Halifax has a 3.89% fee-free deal upto 75% LTV.

It is possible paying some fees is balanced by a better rate if you are borrowing a larger amount.