Interest Only Remortgage free of catches

Lib_3

Can some one help me please? I am looking for an Interest Only Remortgage ( High Equity cushion and Repayment capability absolutely no problems). Only thing - I don't want to incur ANY upfront (valuations, legal, arrangement, etc) or repayment costs nor requirement for Savings, Insurance Products etc.

Any suggested Lenders out there who would comply with the above requirements?

LittleWoman_3

I have a Bank of Scotland tracker (quite a bit lower than the variable rate - 1 dec rate increased to 5.95% from 5.7% 1 sept, before that 5.45% ) - I think Halifax have something simular. I got all the additional costs, added to the mortgage when I remortgaged - I didn't mind as the interest rate was so much lower than before. (My old mortgage was 6.95% when I remortgaged to the tracker for 5.45% - I dread to think what I'd be paying now if I'd not remortgaged)

I asked for a mortgage that was daily rate interest, and no penalties from day1. I have it on repayment, but it is so flexible I have problems stopping them from reducing my monthly payments! (I explain later). Much to my surprise, they sent me a cheque book! I have my current account with Halifax (owned by BoS) and when I have extra money (quite often) I go into the branch and hand them my switch card and transfer directly from my current account to mortgage. I used to put money on deposit to cover my 0% interest credit card balances, but now just put the money against the mortgage and then write a cheque out to pay off the card when I am ready. When I write a cheque, they reveiw the repayment level and so far they have reduced the monthly payment each time - as I have paid so much extra off - and of course because the reduce the monthly payment, I have more disposable income and am able to pay off even more! When they write to tell me what the new payment will be, they also tell me how much extra balance have available, should I need it! I can also get mini statments in the Halifax for my mortgage - and see the BoS mortgage balance and monthly payment on internet banking.

I have saved so much money on the re-mortgage since taking it out 15 months ago, the additional fees/costs have easily paid for themselves. This mortgage has given me so many additional choices - and its great to see the balance go down so easily. (Its a great insentive to pay as much as possible off!)

Alt

Try ING Direct

danjberry

Ing direct do have one of the best rates out at the moment at 5.14% (variable?) which i believe and they refund the vaualtion fee on completion. they also have a fixed rate out at the moment as well with similar valuation terms and a rate of 4.95.

woolwich have a tracker deal at 5.17 but have an arrangement fee of about £700 also added to the mortgage

The portman building socierty also have an "easy remortgage" option of a 5 year fixed rate at 5.15% but am not sure of the fees, probably the same as above but not sure

hope ive helped

danjberry

but to be honest i would look at putting up the fee for a valuation as you will have to pay this anyway it just will not be refunded and as this is a remortgage and depending on the loan to value some lenders may be happy with a drive buy valuation or at the very least a property risk assessment which are cheaper then a full valuation report and the product/arrangement fee can usually be added to the loan (£400-700 roughly) and the rate could be quite a bit cheaper

Leon_W

It all depends on the size of the mortgage.

If you have a small mortgage then one of the fees free deals will do the job, but as the size of the mortgage increases there will come a point where it will be worth paying the fees to secure a better rate.

Nothing in life is free and all these valuations and legal work come at a cost that the lender will want to recoup. Usually at the cost of a higher rate.