Remortgage - stay or go...? Advice please!

dmarks

My mortgage is due for renewal - I'm currently with First Direct who have a fixed rate for 5 years at 3.69%. Nationwide have the same 5 year fixed rate for 3.19% with a £99 booking fee. I've been very happy with FD but over the 5 years would cost me about £600 extra. What are peoples opinions - do I pay a little more with a provider I like or move? Also, if anyone knows any better deals please let me know! Thanks.

kingstreet

Property value?

Mortgage amount?

Term?

Income?

Credit/mortgage payment history?

Anything unusual?

Thrugelmir

Have you factored in the costs of remortgaging to your calculation?

Mortgage redemption fee, legal fee , valuation etc.

latecomer

Do the sums and then make an informed choice. I would personally go with the cheapest if there was a difference over the fixed period which was £2-300+ but thats a personal thing. If you are happy with your current lender and happy with the small additional cost then by taking another deal with them you cut out all the phone calls and filling in forms that moving to another lending will involve.

dmarks

Value 250000
Mortgage 55000
Term 8 years
Good credit history and no special circumstances.

There wont be any redemption penalties as at the end of mu fixed rate but not sure about an exit fee.

Thanks!

Thrugelmir

There'll be a mortgage termination fee.

Valuation fee on your property for the new mortgage.

Legal fees to effect new mortgage and close old.

Say £600 - £1,000 in broad figures.

sockpuppet

Unless the new product has free valuation and legal fees included then you wont have to pay these.

There will be a closure fee, this will be part of the final redemption figure

kingstreet

dmarks wrote: »

Value 250000
Mortgage 55000
Term 8 years
Good credit history and no special circumstances.

There wont be any redemption penalties as at the end of mu fixed rate but not sure about an exit fee.

Thanks!

3.09% with only £25 telegraphic transfer fee. No legal, valuation or arrangement fee. The size of the mortgage more than likely makes paying fees pointless.

£90 final fee when the mortgage is repaid.

Ronaldo_Mconaldo

"There will be a closure fee, this will be part of the final redemption figure"

This fee, is this something you would only have to pay if you went to another lender or is it something that you have to pay at the end of any fixed term?

kingstreet

Final, deeds release, or mortgage account fees are charged when you leave the lender, or at the end of the mortgage term. Some lenders charge them over the term of the mortgage, rather than as a one-off.

dmarks

kingstreet wrote: »

3.09% with only £25 telegraphic transfer fee. No legal, valuation or arrangement fee. The size of the mortgage more than likely makes paying fees pointless.

£90 final fee when the mortgage is repaid.

Sorry kingstreet I dont really understand what you mean. The nationwide deal is 3.19 with a £99 fee. Do you think I should just stay where I am? Thanks fir your help