Retention or Re-Mortgage

scoops82

Hi


I know understand the difference between a re-mortgage and a retention product but I was wondering if the retention product are generally competitive or do people usually end up looking elsewhere? My lender is Halifax.


The current re-mortgage deal I would go for with Halifax is 2 yr fix at 2.24% @ 70% LTV.


I cant ask for a retention product just yet as its a bit early but I was wondering what other posters past experiences have been like.


Thanks.
S

kingstreet

The retention products aren't as good.

Until you have both in front of you and can compare, you won't know which route will give the best rate.

scoops82

So if you choose against a retention product you can still choose to stay with the same lender but you have to apply to re-mortgage which will then involve all the MMR checks again?


Is that right?

kingstreet

You choose a retention product from those your existing lender chooses to offer you.

You choose a remortgage product from the ranges of lenders new to you.

A remortgage will include the usual status and affordability checks, a retention product normally doesn't.