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Rough idea of legal fees for remortgaging and good deal?
clippy_girl
Posts: 2,283 Forumite
Hi all,
My fixed rate deal with Coop runs out 30 November. Unfortunately they don t have any good deals so I need to change providers.
Brief details are house worth approx £136k, outstanding mortgage will be approx £112,800 so around 83% LTV. Looking for 25 years (currently on 37 years). Salary is £26.5k and credit card around 3k (on completion) so affordability seems fine (checked NW, First direct, Nationwide and Barclays calculators). Excellent credit report, no late payments etc…
£136k is what I bought house for in 2010, Land Registry, Zoopla etc… seem to think its around same value, maybe slightly less but houses in similar condition do seem to be listed for around £145k on rightmove and friend recently sold for £140k (but too early to see recent sold prices). Nationwide’s house index says gone up to £141.8k. Will assume is still £136k.
Have done online searching and was going to apply for Nationwide flex exclusive, 4 years. Would be 4.04% with £99 fee on value of £136k. This includes valuation and standard legal fees. Would be a better rate if house was valued at £141k.
Have then seen First Directs deal for 5 years at 3.79% with no fees. This includes valuation but not legal fees.
Comparing both deals over 4 years, FD is around £850 cheaper (and obviously lasts a year longer). Would also get £125 cashback as would need to switch current account.
Just wondered what a rough ball park figure would be for legal fees if I went for First Direct mortgage and paid the fees myself. This is my first remortgage so not really sure what searches etc… if any are involved. I seem to recall I paid around £1k legal fees when buying my house from a £99 fee online conveyancer and most of that was searches.
Also, if anyone is aware if I could get a much better deal via a broker? I cant really afford to shell out £100’s in fees to a broker but I suppose it depends on the saving (I will be paying around £1200 off my 0% CC by November so suppose I could pay less and use some of the money for a fee).
Thanks in advance and sorry for the long post!
My fixed rate deal with Coop runs out 30 November. Unfortunately they don t have any good deals so I need to change providers.
Brief details are house worth approx £136k, outstanding mortgage will be approx £112,800 so around 83% LTV. Looking for 25 years (currently on 37 years). Salary is £26.5k and credit card around 3k (on completion) so affordability seems fine (checked NW, First direct, Nationwide and Barclays calculators). Excellent credit report, no late payments etc…
£136k is what I bought house for in 2010, Land Registry, Zoopla etc… seem to think its around same value, maybe slightly less but houses in similar condition do seem to be listed for around £145k on rightmove and friend recently sold for £140k (but too early to see recent sold prices). Nationwide’s house index says gone up to £141.8k. Will assume is still £136k.
Have done online searching and was going to apply for Nationwide flex exclusive, 4 years. Would be 4.04% with £99 fee on value of £136k. This includes valuation and standard legal fees. Would be a better rate if house was valued at £141k.
Have then seen First Directs deal for 5 years at 3.79% with no fees. This includes valuation but not legal fees.
Comparing both deals over 4 years, FD is around £850 cheaper (and obviously lasts a year longer). Would also get £125 cashback as would need to switch current account.
Just wondered what a rough ball park figure would be for legal fees if I went for First Direct mortgage and paid the fees myself. This is my first remortgage so not really sure what searches etc… if any are involved. I seem to recall I paid around £1k legal fees when buying my house from a £99 fee online conveyancer and most of that was searches.
Also, if anyone is aware if I could get a much better deal via a broker? I cant really afford to shell out £100’s in fees to a broker but I suppose it depends on the saving (I will be paying around £1200 off my 0% CC by November so suppose I could pay less and use some of the money for a fee).
Thanks in advance and sorry for the long post!
:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j
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Comments
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Rough guide for legal costs for a remortgage is £500 inc VAT.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Don't forget to take into account many lenders offer free "legals" on re-mortgage applications.0
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