A&L Premier mortgage - any cashback or referrals on these?

travel_freak

Hi

I'm looking into an A&L five year fixed rate mortgage available to premier current account holders only. The rate seems good 5.47%.

Does anyone think it's a good deal and pls does anyone know if there is a way to be referred for this mortgage or claim cashback at all? I'm suspecting not but thought it worth a post...

Thanks in advance,

Regards,

claireyfairy_2

Just applied for this one myself, concerned at whether all the costs are being disclosed to us. It is a remortgage, do we need much legal work done, A&L have given us a form for countrywide conveyancing with a quote of £250 and I phoned them to ask if there would be any additinal costs and they said no. Our solicitor said though that we will need to have whole search package done on top of that? Any ideas? I think the 5.47 rate is pretty good and will save us money over the next 5 years and save the hassle of remortgaging for a while! The costs seem to be justifiable withthe good rate, but am concerned they may be spiralling!

travel_freak

Hi Claireyfarey

Thanks for your reply. As far as I know(?!) I think when you do a remortgage you do have to have searches done again for the new lender's benefit as it will want to be assured that nothing adverse shows up in the search results that might affect its decision to lend.

I don't know what the standard legal fees are for a remortgage but £250 sounds okay to me - if your lender accepts personal searches rather than the standard local authority search and separate water/drainage search then you might be able to save some money there as there are some personal search packages that provide all the searches in a bundle and the cost for these can sometimes be cheaper than the standard local authority fee for just the local authority search. I think more and more lenders are now accepting personal searches so might be worth looking into.

I've heard that when remortgaging, some lenders do deals where they pay your legal fees so maybe you should ask an independent broker (perhaps London & Country) to run a quick search for you to see if there's a comparable rate (5.47) but with free legal fees.

Good luck anyway and hope you can save a little on the fees.