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Does it cost to move my mortgage??
JohnJack81
Posts: 10 Forumite
Hi All
My mortgage fixed rate deal came to an end last month and I am now on the standard variable rate with my current lender (Nationwide). I am looking to move to another deal with another lender (FirstDirect)
As my deal has ended I now longer have any fee for paying off the mortgage in full.
What is involved in moving the mortgage to another bank.
Does it require a re-valuation of the house?
Does it require lawyers involvement like when initially buying a house?
How long should it take in general?
Thanks
J
My mortgage fixed rate deal came to an end last month and I am now on the standard variable rate with my current lender (Nationwide). I am looking to move to another deal with another lender (FirstDirect)
As my deal has ended I now longer have any fee for paying off the mortgage in full.
What is involved in moving the mortgage to another bank.
Does it require a re-valuation of the house?
Does it require lawyers involvement like when initially buying a house?
How long should it take in general?
Thanks
J
0
Comments
-
Valuation and legal work, yes.
Cost, dependent on lender. Is free valuation and free legals part of deal being offered?
Time - four to six weeks is about normal.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
JohnJack81 wrote: »Hi All
My mortgage fixed rate deal came to an end last month and I am now on the standard variable rate with my current lender (Nationwide)...
As my deal has ended I now longer have any fee for paying off the mortgage in full.
Bear in mind that Nationwide charge £90 for each mortgage account being redeemed, so you will normally have this to pay as well should you remortgage.0
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