Remortgaging with existing lender

tintoys

I have read so much about high fees and various rates lately and have not seen this mentioned. We have this week remortgaged at 3.19 % at a fee of £40 as an existing client. We also asked for a seven day window when we will pay 5.75% so that we an make a capital repayment, having just reached 60 and had a small pension lump sum payout. We have also agreed a short timescale for the mortgage so that it will be finished around my husbands retirement.

I hope that this information may prove useful to somebody

Jimbo1976

It is pretty common for lenders to offer existing clients new rates when their current rate finishes. Though it is not normally referred to as a remortgage. It is sometimes possible to make a lump sum reduction simultaneously so you don't have any period on the SVR. The wise mortgage brokers and other folk who post here suggest speaking to your existing lender to ask about rates as the first port of call on pretty much every post when anyone talks about remortgaging.

Reducing your term to fit in with your retirement is an extremely sensible thing to do. Well done.

Goldiegirl

As Jimbo said, it's not a remortgage as such, just a new interest rate deal on the same mortgage.

But if you can get a deal that you are happy with from your existing lender, it saves a lot of remortgage hassle.

You've done the right thing for you, so that is good news.

dimbo61

You were charged a fee!!! £40 robbery if you ask me
Well done on your deal VERY MSE