best interest rate?

myright

Which bank has the best mortgage rate atm? And what is the best mortgage atm in terms of fixed etc?

Just out of curiosity. If you have a mortgage with a lender ( which I dont) . How do u move to a different lender? I mean how does this process work??? Do u have to pay interest and early repayment fees etc to first lender?

kingstreet

Entirely subjective. What may be best for one borrower could be the exact opposite for another. It would depend on mortgage amount, term and borrower's outlook on future rates.

Moving to another lender is a remortgage. You apply for a new mortgage to a new lender. At completion, the funds go to a solicitor who repays the existing mortgage.

You would have to pay interest upto the day the mortgage is repaid. Penalty charges may apply if the existing mortgage is repaid within an early repayment penalty period.

kiddakidda

On the telly it's: Location, Location, Location.

For Mortgage rates it; Criteria, Criteria, Criteria

myright

So basically does the new lender pay the old lender the full amount through solicitor when a remortgage is applied? The obviousily u now owe them the money?

Also does the penalties run high??

kingstreet

Early repayment penalties can range from £0 to 5% of the mortgage balance or more, but of course you pick the product, so you would choose the penalty period/charge which suited your future plans.

If you thought you might want tor remortgage in two years, you may be better avoiding five year fixed rates with a penalty period the same length.

When remortgaging, you enter the amount you need to borrow on the application. The lender processes it and if happy, issues a mortgage offer. When the solicitor draws down the new mortgage funds, he uses them to repay the old mortgage.

Yes. You then owe the new lender the money, instead of the old one.