A few queries from a first time remortgager

Eels100

OK so we've got around 75% LTV at long last so a few better rate options are open to us.

I'm currently on a 3.99% SVR. I could fix for 2 years with Barclays at 2.8% reverting to SVR (currently 3.89%). This would reduce my monthly repayments from £572 to £403. Things are REALLY tight so it would be great to have the extra cash, especially with the electricity hike. Fees are £499 plus a small exit fee from my current mortgage of £195 - these would have to be added to the borrowing.

Couple of other things - The mortgage is mine alone. I have since married so could take the next one out in joint names - will this incur extra charges, solicitors fees etc? I could probably continue as I am but it would be better to have DH in on it I reckon.

I'd be really grateful for any thoughts. It seems a no brainer which always worries me!

ACG

Most remortgages come with free legals. One thing it wont cover though is a Transfer of Equity. This effectively changes the deeds of the property in this case from your name solely to joint names.

Prices can vary from around £200-500. When your going through the remortgage just let the lender know and the solicitor once the get in touch and they will give you a more accurate price.

Eels100

I see - thank you. Can I also add this to the borrowing? Do you think it would be cheaper to arrange this first, myself, or is this something which has to be done via the lender?

Otherwise would you say it's sensible to go for this? Seems crazy to spend nearly £2k a year more than I have to!

ACG

Personally i would probably do it all with the remortgage - its more likely to be cheaper.

You can add it to the mortgage yes, however it will be slightly different - you will just have to increase your borrowing to account for it (unlike the fees where the lender will just tick a box to add it to the loan).

Just be careful if you are only just under 75% LTV then adding all of these fees may take you over and you may not be eligible for the deal (some lenders dont mind you adding fees even if it takes you over - others do).

Eels100

That's excellent, thank you. The eligibility for the mortgage I am thinking about is actually 80% so there's a bit of wriggle room.

Really appreciate your thoughts. Mortgages bamboozle me, wish I didn't have to have one!