Remortgage Decision Time

honest_home_owner

Hello after some advise and hand holding.

My current mortgage deal ends in Feb and Santander have written to say if I call before the end of Nov I could get a really good deal.

I called them up and the rates quoted were better than what I was expecting, however, I have to make a decision today.

I decided to call up the financial adviser who also managed to get some good indications.

The Santander offer is 2.49 with a 799 fee compared to Virgin Money with 2.59 with a 99 fee. Both offers come with free valuation.

The catch is that I took out a 85% LTV (now at 81.6% after two years) and Santander are happy with current house value, but the virgin money deal is a 75% LTV as the financial adviser believes the property has gone significantly up in value.

I’m inclined to think the easiest option is to stay put surely? What’s the forums view?

ch3101

How long is each mortgage fixed for?

I'd be inclined to go with santander as you'd probably end up paying a valuation fee etc to get your house valued now and there's always the chance it might not actually be worth a lot more.

How much would you be saving per month with santander compared with Virgin?

honest_home_owner

ch3101 wrote: »

How long is each mortgage fixed for?

I'd be inclined to go with santander as you'd probably end up paying a valuation fee etc to get your house valued now and there's always the chance it might not actually be worth a lot more.

How much would you be saving per month with santander compared with Virgin?

Including fees Standader would be 8 a month cheaper, which when you look at it like that makes it a no brainer?
Is that all I needed to do?

ch3101

I'd say so yes.

Also, if you have a look at santander's products, they seem quite flexible with their mortgages so might be a good product to have as well?

dprice

If you haven't already, get the Santander 123 account. This gives you 1% cashback on Santander Mortgages. Depending on you monthly payments you might see that £8 decrease.