Do i tell?

SUPERLOOPY_3

My existing lender that i'm moving? New lender is to be Natiowide, they pick up the legal bits'n'pieces so do i need to even tell my existing lender that i'm off or odes it work like switching gas/elec/phone etc inasmuch as i just sign up with new lender and that's that. Curent lender C&G have little in the way of new deals for current borrowers so i'd rather not have any more dealing with them. What happens?

CTT_2

Could you translate for me please
thanks,

herbiesjp

I think what OP is asking is do they have to tell their current lender (C&G) the fact that they are looking to re-mortgage to another lender (Nationwide).

The answer is not if you don't want to- when you start the ball rolloing the solicitors will get in contact with your current lender and do all the necessary paperwok, so job done.

Hope this helps.

Joe_Bloggs

@ SUPERLOOPY
There may be additional fees to pay to your existing lender (Sealing fees ,big elbow fees). There may be interest to pay your existing lender depending upon when your new mortgage starts after your last monthly payment to your old provider. It might be a good idea to boost your current account with cash or ensure overdraft facility is sufficient to avoid bank charges. You may have two direct debits with two mortgage companies.

There used to be something called a redemption quote that you could get to find out the cost of leaving. The terminology has changed these days and I don't know the modern term.

J_B.

david78

You could tell them to see if they offer you a better deal. They may write to you anyway saying "we're sorry you are considering remortgaging to another lender, we have deals XXX and YYY which you might want to consider".

Either way, weigh up the savings before committing.

DominicF

I went in to see one of their advisors and was offered a better rate... subject to becoming a Lloyds TSB customer. The tracker is .01% below base rate and I get £50 for becoming an current account holder. Not the best of deals but I have 1 year "early movers fine" still to go on part of the mortgage and it works out cheaper... I am going for interest only and putting the 'capital repayment' in to a high interest account as well!!!