Transparency and credit checks

bankersmug

Currently paying 5.68% 4 years into a 10 year deal with Nationwide. Am looking at remortgaging so began the application process with Chelsea and got an agreement in principle. However it is only after the credit check and AIP one discovers the additional fees after the conveyancing quote. So, Mortgage fee £400, Legals £400, and about another 4 to 500 on valuation,land registry fees etc. You get £200 back on completion.
My net spend on fees here would be £1173. Seems a bit high and not terribly transparent since all I want to do is remortgage a house where I have about 55% equity.

Given that I've already had one credit check, Is it safe credit-wise to go to another provider and apply for a mortgage?

kingstreet

You should be alright. Make sure you get a key facts illustration for a deal before you think about any kind of application. This lists the costs and fees in full.

Typically, lower mortgages benefit from no-fee products and higher ones from the better rates which involve a fee payment.

bankersmug

Thanks for the reply. In the end I went to first direct and got an AIP on a lifetime tracker deal with no fees at all - not even a closure or redemption fee!
I am one happy chap!

Thrugelmir

What's the ERC on your current mortgage?