Remortgage of a BTL with Halifax

GMS

0.1%. Couple of quid a month in it

tunnel

GMS wrote: »

Chances are there would be a broker fee on something like this loan amount. Lender would pay commission but only around £150 so likely to require a payment on top.

You may find a broker who would not charge a fee.

What would you be looking at feewise? I'm not approaching you,its just I did use a broker last year,charged me £299 fee then when my paperwork came through from TMW it transpired he'd also trousered £600 commission plus i had an arrangement fee on top. I've nothing against paying a fee,far from it,just thought fee + commission were a little steep. Any thoughts?

GMS

£299 fee is not far out but with a £600 commission on top it is excessive.

Fees should have been disclosed up front anyway, with any commission showing on the Key Facts Illustration.

Arrangement fees are lender choices though it is important for the adviser to balance the fee/rate combination.

tunnel

Thanks for letting me pick your brains, do you know if Virgin money require all the searches done again on a remortgage to them. I only ask as my solicitors have said i have to do them all again. Virgin said i only need a mortgage valuation doing and i can could use their in house sols at a cost of £300. No mention of searches. Any ideas?

Thanks

Tunnel

GMS

Check with Virgin if their conveyancing quote is all inclusive or legals only. They may choose to take indemnity in place of the searches.

tunnel

thanks,

You've been a massive help,its much appreciated. If the conveyancing with them is all in,guess i'm not going to get a much better deal,unless that is you have a crystal ball and tell me where the rates would be in say 2-3 years,then i'd probably consider a shorter fix

Tunnel

GMS

tunnel wrote: »

thanks,

You've been a massive help,its much appreciated. If the conveyancing with them is all in,guess i'm not going to get a much better deal,unless that is you have a crystal ball and tell me where the rates would be in say 2-3 years,then i'd probably consider a shorter fix

Tunnel

Predictions for rates change by the day and even the people who set them have no idea!

Look at the difference between shorter term fixes and the 5 year one. Consider whether you want to take a gamble on not having the extra 2-3 years security.

tunnel

GMS wrote: »

Predictions for rates change by the day and even the people who set them have no idea!

Look at the difference between shorter term fixes and the 5 year one. Consider whether you want to take a gamble on not having the extra 2-3 years security.

Point taken,just had a look at 2 years on virgin and there's only 0.5% difference to the 5 year fix. Its whether the decent rates are still available in 2 years to then take a 5 yr fix,decisions...decisions,if only i had a crystal ball

Oh and thanks again GMS