Should I stay or should I go? YBS

aggieb

Hi everyone
Looking for some help as we're due to remortgage at the end of June. Currently with YBS on a 3-year fix at 2.99, paying £766 a month (total of £900 with a monthly overpayment of £134). We have received a letter from them offering the same rate (very uncompetitive compared with other banks/BS) for a 5-year fix (our preferred term) over 15 years 10months at £761 a month. No fees payable, a simple product transfer.


We're looking if we can get anything better than that but we would like to avoid paying high fees that other lenders charge.


We both have very good credit rating, stable jobs, joint income of around 60k and a LTV of around 45%. However, we're expecting a baby number 2, so we would like the certainty of a long-term fix (and because of it no overpayments this time, I'm afraid).


We have compared products with Nationwide for example and the calculators show us a saving of around £40per year, which we believe is not worth the hassle.


What do you experts think? We tend to agree we should stay with YBS.


Thank you!

fiesta04

On those figures, I would say it seems a pretty good deal.


F4

dimbo61

You need to take into account ALL the costs of moving lenders, exit fee from YBS, legals, survey, searches, mortgage fee etc
2.99% is not bad we paid YBS 4.74% offset in 2005 !
Security and simple to sort out compared to New mortgage application with MMR

aggieb

Thank you both - that's what we thought. We have considered all the cost of moving to a new lender (Nationwide) and even with no booking fee payable and free valuation and legal work, we will only be saving around £40 a year, which we believe it's north worth the hassle. YBS would also charge an exit fee of £90.
Thank you for the replies!