Metro Bank or Virgin Money- Remortgage info and your experiences please?

Mr.Plinky

Looking to change our current deal which expires in June.

Currently shopping around and can see a good deal with Metro Bank for a 5 year fixed at 1.99%.

We are approximately 55% or less LTV borrowing in the region of £155000 and migrating an existing loan into this (around £7K).

Currently with Nationwide on 3.89%.
Virgin are offering 5 year at 1.89% with £995 set up fee.Via Broker
Metro Bank offering 5 year fixed at 1.99% with £35 set up fee.Via Broker
We are very settled in our home so no plans to move and number 2 new born on the way so the next 5 years with childcare bills etc, its good to know where we are with financial budgets.
The Metro is tempting but I have never had any dealings with them.
Virgin, we've had favorable experiences with.
I am not a lover of any the following (should any one touch on them); Barclays, Lloyds, Halifax, Nat West, Santander.
Thoughts on the products or experiences with teh providers above (Metro vs Virgin) please.

cahillg81

Virgin all day every day for me.

amnblog

No doubt your broker has told you but, if there will be considerable overpayment, that Metro may be the better option.

Other than that, both decent lenders with decent rates.

Mr.Plinky

Yes over payments are an option on both, however as we understand i'ts a limit of 10% of the remaining balance (so around £15000 p.a) which we are unlikely to achieve. More like £6000 p.a max as we would like to clear it in less than 25 years. With the new born and brexit we are aligning ourselves to be as stable as we can be so any adjustments can be budgeted in. So for first few years the over payments will be put aside in a savings account for the rainy day and bulk payments from the savings as and when appropriate.

Doshwaster

Mr.Plinky wrote: »

Looking to change our current deal which expires in June.

Currently shopping around and can see a good deal with Metro Bank for a 5 year fixed at 1.99%.

We are approximately 55% or less LTV borrowing in the region of £155000 and migrating an existing loan into this (around £7K).

Currently with Nationwide on 3.89%.
Virgin are offering 5 year at 1.89% with £995 set up fee.Via Broker
Metro Bank offering 5 year fixed at 1.99% with £35 set up fee.Via Broker
We are very settled in our home so no plans to move and number 2 new born on the way so the next 5 years with childcare bills etc, its good to know where we are with financial budgets.
The Metro is tempting but I have never had any dealings with them.
Virgin, we've had favorable experiences with.
I am not a lover of any the following (should any one touch on them); Barclays, Lloyds, Halifax, Nat West, Santander.
Thoughts on the products or experiences with teh providers above (Metro vs Virgin) please.

Virgin also have a 5 year fix at 2.18% with zero setup fee.

http://uk.virginmoney.com/mortgages/find/Find-A-Mortgage/5yr_everyday_fixed_8gzx?buyertype=remortgage/

ACG

It is a remortgage, I would go for the best deal (rather than easiest) - of the 2 you have mentioned I would assume that is Metro.

Metro tend to do a lot of the work pre dip I have found, they are a little more work however every case I have submitted to them has gone on to complete so I cant really fault them personally...When I say all, I mean the grand total of 3.

ThePants999

Since you ask for experiences, I'm a Virgin customer and have had very positive experiences across initial application, porting with increased borrowing, and changing mortgage term.

Oh, except they tried to sneakily sign me up to paying 224% interest, but claim it was a typo...

Mr.Plinky

Thanks for all the input. Venturing on with Metro at 1.99 with £35 set up fee. Will report back on how it goes.