Looking for new mortgage deal

angela2095

Hi, At the end of this month my 2 yr fixed rate with Halifax will be up. The halifax rates are poor at the moment compared to others plus I was looking to add an extra £3000 to my now £39000 mortgage which Halifax will charge me a fee of £299. Is it worth me looking elsewhere, for example I have seen a much better rate with TSB and they do 'switch and save' so it doesnt cost much to switch. The thing is I have always been with Halifax and find the idea of switching very daunting. Any advice please? Thankyou, Angela.

MortgageMamma

For a small mortgage like your you really need to look at a fees free deal , i.e. no arrangement fee, no valuation fee, free legal fee's to make a switch viable. Use a broker, but make sure they don't charge you a fee!

MM

peterwhite1876

i found that taking a day to shop around saved me a lot of money. when i changed mortgages, i actually borrowed more money and reduced the term of my mortgage by 2 years and all for the same repayment or near enough. they all offer different deals but you must look at how much it will cost you over the term of the fixed period rather than the cost of the fees. i saved about £6000 in interest alone but if you can do all this and get if fee free then that would be great money saving

good luck

angela2095

Thanks for the advice but where do I find a broker that doesnt charge? I was under the impression they cost a fortune.

MortgageMamma

there's loads of fee's free brokers. ask friends and family for a recommendation if they use a broker. There are some companies mentioned on this site, but the only true fee's free one is london and country, they do everything over the phone.

raq

MortgageMamma wrote:

there's loads of fee's free brokers. ask friends and family for a recommendation if they use a broker. There are some companies mentioned on this site, but the only true fee's free one is london and country, they do everything over the phone.

How good are they ??

Just I will have to get the ball rolling in a couple of months as my interest only is due and I want to change over to repayment.

Thanks

MortgageMamma

London and Country? well by mine and a lot of brokers standards, they are pants, because you never know who your going to get or their level of experience (or if your calls will be returned)

You would be better using a smaller broker, perhaps local who knows