To re mortgage or not? solicitors fees

frogmort

i'm comming to the end of a two year discounted deal with Nationwide. the option from nationwide that i'm interested in is a two year tracker at 4.79% on a 120k mortgage with 15 years to go. the fee is £389.

if i go elsewhare i'll have possible fees plus solicitors fees to meet so i'm finding it difficult to see the value of moving from the nationwide.

does anyone know what a cheap solicitors fee would be? i know that there are specialists who do conveyancy at good rates but i don't know the going rate these days. :beer:

Fairdo_2

I understand that there are some conveyancing firms who may act for about £300 - £400.

I have seen some links on some previous threads detailing particular firms.

However, some lenders offer Fees Free remortgages with No Legal, valuation or arrangement fees. You might be quite hard pushed to get a like for like provision elsewhere on that level of borrowing.

On the face of it, you might be safe staying with Nationwide on the Tracker if that is what you think is suitable for you.

Bear in mind that this Tracker is variable and that you will be tied in to a penalty during the Tracker term. If this is most suitable for you, there is nothing wrong with staying with them and paying the fee. You might be able to get a slighly better value product over that period but I would suggest you speak to a local Mortgage Broker to confirm.

crazyhazy

frogmort wrote:

i'm comming to the end of a two year discounted deal with Nationwide. the option from nationwide that i'm interested in is a two year tracker at 4.79% on a 120k mortgage with 15 years to go. the fee is £389.

if i go elsewhare i'll have possible fees plus solicitors fees to meet so i'm finding it difficult to see the value of moving from the nationwide.

does anyone know what a cheap solicitors fee would be? i know that there are specialists who do conveyancy at good rates but i don't know the going rate these days. :beer:

Many companies include the cost of valuations and solicitors fees within the arrangement fee for the mortgage. First active are doing really good deals at the moment and I think they work like that.

frogmort

thanks fist active look good but i'm not sure about their flexibility. i'm looking for some potentialk for extra borrowing and repayments over the next couple of years.

herbiesjp

There are some lenders that will agree a reserve for you now to be utilised at a later date. If you do this, most lenders will charge the funds at the SVR, whilst a few may charge at the pay rate originally taken out.

Alternatively, you could simply capital raise (income and affordability permitting) with the current lender, at the point when you need it.

Fairdo_2

The One Account are from the same stable as First Active and have the facility to offset, so you can borrow the amount you desire at the top end, pay some back straight away and have the additional borrowing there in reserve for when you want to draw it down (Income and affordability permitting, of course)

MarkyMarkD

I don't think it's worth switching lenders compared to that Nationwide product. As I understand it, you can over-pay with Nationwide and then draw down from the over-payments in any case, so not much benefit from switching to another lender who allows you to do the same. The rates First Active et al offer are not very competitive unless you really need to make large-scale over-payments.

herbiesjp

Have to agree with MarkMarkD and say that it looks like your best bet is the Nationwide deal.