Re-Mortgage Comparison websites

Canny_mal

Hi all

I've been on several websites where you can bring up 'best buy' tables for re-mortgages but I can't seem to find one where you can stipulate you want a remortage with no arrangement fees/valuation fees/legal fees etc. I'm sick of seeing eye catching sub 6% rates only to find they're coupled with a huige arrangement fee and you've got to pay for valuation and legals on top of that.

I only need a £45,000 mortgage so I need it to be totally (or at least almost) fee free in order to make it worth while switching.

I've been to see a whole of market mortgage advisor and they are able to search without fees but I wanted to be able to keep an eye on new deals etc which may come up over the next couple of weeks before I take the plunge and remortgage.

Thanks for any suitable websites you can point me in the direction of.

dunstonh

I'm not sure of any sites that would do what you want. Mortgage broker software can do it but then they pay for that. Typically the free options are not as good (otherwise, why would advisers pay for the software).

bewildergirl

Canny_mal wrote: »

I only need a £45,000 mortgage so I need it to be totally (or at least almost) fee free in order to make it worth while switching.

I'm not in any ways mortgage minded and I had to take advice but I am re mortgaging for £46k at 6.40% fixed for 5yrs with Coventry Building Society (my home is worth about 125k), fee free bar for £35 admin fee. All the conveyancing/legal fees and valuation is covered.
I looked extensively through comparison sites and got absolutely nowhere. I'm told that financial advisor can often offer preferential rates so it seems that it rather depends if they are fee free (commission based) or they are going to charge you for advice.
I'm not offering advice but suggesting that decent deal are out there if you look and are realistic with your expectations. I'm completely happy with the deal that I am getting.

Good luck.

bewildergirl

To be fair, re mortgaging is a minefield and it feels a bit forgotten about when one searches the internet for information. This is the second time I have remortgaged, the first I only wanted a home owner loan but the mortgage deal I was on would not allow it. I ended up having to do a full re mortgage with my existing provider, but that deal ran out now....hence me trying to sort it asap.

Dylanwing

Most of the sites do it on a 'true cost' basis over a stipulated term to include fees, cashback etc.

dwsjarcmcd

Have you tried Moneyfacts? http://www.moneyfacts.co.uk/searches/mortgage.aspx

Put in the basic details and then click 'ask me more' and all the options are there e.g. do you want this fee or not, redemption charges etc.
Seems to do everything you want without paying for it!

David

MarkyMarkD

It honestly is not a good idea to restrict a search to "no fees". As Dylan said, the best comparisons are ones which do "total cost" over the relevant period.

By specifying "no fees" you could miss a better deal with a relatively small fee attached.

I agree with dws that the Moneyfacts search engine is quite good, as it shows true cost, except that is doesn't calculate it correctly. If you choose an extended tie product, it doesn't include the ERC for ending the deal at the time you specified. For example, a search for best 2 year deal gives a Newcastle BS 2.65% 2 year fix as the best true cost - but this deal has a 6 year tie-in period. It isn't best buy at all. So, always select "no extended redemption penalty" as without this option, the results are meaningless.

But I would NOT select any of the "no fees" options as I feel that just restricts the search unnecessarily and sometimes leads to the wrong result being selected.

For the benefit of others, doing a comparison on a fairly typical £100k mortgage:

- specifying 2 year term, 2 year true cost, no other restrictions - best true cost is £15,226 despite a £999 arrangement fee.
- specifying as above, but restricted to "free/refunded arrangement fee" - best true cost is £15,449.

So specifying "free/refunded arrangement fee" means over-paying by over £200.

As it happens, on a £45,000 loan size, the same mortgage comes up top on both searches - but that wouldn't necessarily be the case.


Be careful of fees shown on Moneyfacts too - they aren't always meaningful. This loan: http://www.moneyfacts.co.uk/searches/mortgagedetails.aspx?prodid=51388_57724_39139_4_40314_0&FeatureFlexible=0&Mortgageamount=45000&DealPeriod5yearsplus=0&DealPeriodTerm=0&RedemptionPenalty=5&DontMind=1&Truecostperiod=24&FeatureNoHLC=0&PropertyLocation=England&DealPeriod1year=0&DealPeriodDontMind=0&Buyertype=8&pageid=32&DealPeriod5year=0&FeatureFreeArrangement=1&RepaymentType=1&DealPeriod2year=1&FeatureCashback=0&FeatureNoRedemptionPenalty=0&FAAnnualIncome=50000&Variable=0&DealPeriod3year=0&FeatureCAOM=0&AddQuestions=Additional&FAAdverseCredit=0&FeatureFreeLegal=0&Capped=0&MortgageTerm=25&AdditionalFeatures=NAF%2cNAF%2c&DealPeriod4year=0&FeatureNoExtendedRedemptionPen=1&PropertyValue=250000&DealTerm=4%2c&Fixed=0&FeatureFreeValuation=0&FeatureTracker=0&sortorder=1 shows a £500 legal fee - that fee doesn't exist. It's just a guide as to what you would typically pay in legal fees to your own solicitor, not a fee levied by the lender.