Remortgaging - 2 to choose from

skimper

Sorry another which option is best thread. This is the first time we have remortgaged so not too sure how to go about it.

Our fixed mortgage has come to an end & now on a higher % so paying £470 a month compared to the £400 we were paying.

I've found 2 options.

Natwest
2 year fixed
2.90%,
0 product fee
£420 monthly repayment (saving us £50 a month)
Survey & legal fees paid.

Nationwide
2 year fixed
2.49%
0 Product fee
£390 a month (saving £80 a month on current & £720 on option 1)
Survey fees paid
Legal fees NOT paid but £500 cashback.

Nationwide is looking best but I have no idea how much legal fees would be? If less than £500 then surely Nationwide is a no brainer?

getmore4less

what's the best option from your current lender?

house value and LTV?

skimper

getmore4less wrote: »

what's the best option from your current lender?

house value and LTV?

Best option is 3.49% so £450 a month.

House value is £125,000 And ltv is 87% which is £109,500 (rounded) over 35 years

Mutton_Geoff

skimper wrote: »

I've found 2 options

Have you tried a broker or are these two options just the result of a couple of hours on the internet? I ask as I have just remortgaged to Natwest and the best deal I could find on their website today is 1.8% (it was even higher when I looked a few weeks back) but my broker just got me 1.1% with Natwest so there are certainly better deals that are available only to the brokers.


My new deal was no valuation fee/no legals but £995 arrangement which I added to the loan.

getmore4less

in 2 years
£109,500 @ 2.90% £420pm £105,666
£110,424 @ 2.49% £420pm £105,666

You have the £500 + another £900 to play with for fees.

if you could get to 85% the rates are much better.

amnblog

You can certainly get the legal work done within the scope of the Nationwide £500 cash back.

Nationwide have recently switched over to cash back only remortgage deals and mortgage brokers have access to legal services specifically priced to provide a service payable within this cash back figure.

skimper

Mutton_Geoff wrote: »

Have you tried a broker or are these two options just the result of a couple of hours on the internet? I ask as I have just remortgaged to Natwest and the best deal I could find on their website today is 1.8% (it was even higher when I looked a few weeks back) but my broker just got me 1.1% with Natwest so there are certainly better deals that are available only to the brokers.


My new deal was no valuation fee/no legals but £995 arrangement which I added to the loan.

This was just looking around on the internet.

I noticed the better deals but only if we get below 85% Ltv which we are £3.5k away if we go on the value of the house when we bought it a year and a half ago.

When we apply for a mortgage with them they survey the house but if the LTV does go below 85% would be be able to ask them to switch rates to a better one?