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small remortgage advice
bronking
Posts: 3 Newbie
hi all,
i'm after a remortgage as my current 2 year tracker has just run out.
i owe £16,500 over the remaining 7yrs 10mths and would like to top this up to £19,000 over 10years.
i am currently with the halifax, and when i enquired about their deals they said the best deals don't start until you borrow at least £75,000..
my house is worth approx £210,000
any advice appreciated
i'm after a remortgage as my current 2 year tracker has just run out.
i owe £16,500 over the remaining 7yrs 10mths and would like to top this up to £19,000 over 10years.
i am currently with the halifax, and when i enquired about their deals they said the best deals don't start until you borrow at least £75,000..
my house is worth approx £210,000
any advice appreciated
0
Comments
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Hi
Nationwide have got a lifetime tracker at base + 0.34% - free legal fees, no valuation fee and no arrangement fee. No minimum loan. Probably your best betI am a Mortgage AdviserYou 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.0 -
Because of the small amount of the mortgage, you don't have a choice of lenders other than sticking with Halifax on a discount tracker rate, which carries no fees. Or applying to Nationwide, which is the only other lender who seems willing to lend on such low amounts.
If you do switch to Nationwide, you need to take the mortgage redemption & deeds release fee from the Halifax into account as it could actually work out that over the term of the mortgage that staying with the Halifax is the cheaper option by a few £'s.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Find a mortgage lender with no redemption penalites. Take a large mortgage on day 1 and repay most of it on day 2!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Abbey have a minimum loan size of £6000 so they may do this for you. They also have a free survey & legal on some deals.
Good luck0 -
There are rates for Halifax customers on their website for under £75000, but do have a fee
http://www.halifax.co.uk/mortgages/trackerswitch2008.asp#between_0_500k
thats an example0
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