Switching a mortgage mid-term

lukeywn

Hello guys, I am a newbie here *waves* and wondered if you could give me some advice.

I am on a mortgage deal with Lloyds at 5.09% interest right now. Its a 68% loan to value setup.

I am 2 years into a 5 year term. I spoke to them today and they told me early repayment charge would be 3% = £3915 (it comes down from 4% as of next month)

I can get a deal with nationwide (I have a deal in principle) for a 1.99% tracker with a £999 product fee. I believe this saves me around £7800 over the remaining 3 years of my current fix, taking away that £4915 in fees its still a saving of £2885, unless I've worked something out very wrong!

BUT the question is do I need a solicitor etc to factor into the above? I am not buying a new house, I'm just looking for a better deal on my existing houses mortgage

Is it just as simple as telling Lloyds I'll pay the early repayment charge, and proceed with Nationwide? or are there other, darker secrets to doing this kinda thing?

Any advice greatly appreciated. Thank you

PS The Natwest mortgage says "Free standard legal fees" on it. But this is a bit vague!

nubbins

The only other thing I can think of is the Nationwide valuation fee, I would hate to pay that early fee but if it saves you cash over the next 3 years its probably worth it. We had free Nationwide legals with a recent remortgage and they appointed a firm of solicitors and they were very good. I presume the "standard legals" means nothing out of the ordinary i.e leasehold problems, help to buy etc

dimbo61

Your current deal is a 5 year fix? and the new deal with Nationwide is a tracker!!!!
You may have other remortgage costs to consider Legals, survey etc