End of Fixed Term

es123

Hi guys,

An idiotic question no doubt....but how what is a typical fee to pay if you want to re-mortgage at the end of your fixed term.

I'm looking at an Accord deal, but the SVR is 5.99% after the 2 years fixed. Am I lining myself up for a fall or will it be relatively simple to switch to another deal somewhere, once the 2 years is up?

Thanks all!

amnblog

You have just hit on the risk with these above normal reversion rates.

If your situation is such that you cannot remortgage you will be paying 1% more than the going rate for many other lenders at current rates.

Yorkie1

Any new lender will assess your application from scratch. If you meet their criteria then it's a fairly straightforward process. Many offer free legal and valuation, so all you need to pay is the exit fee from Accord (shown on your initial documents, often about £100), and any product application fees relating to the new mortgage.

amnblog

On the assumption that is 2 years you are still in a position to obtain new lending.

What if you have lost your job, or become self employed, or have credit issues, or poor health and reduced earnings, or are taking time out for travel or study......etc.....etc

That is without any potential changes in the market