No Fee Mortage

wadley101

Hi
Im having to have a name changed on a mortage. Which means basically I have to re do the whole mortage which incurs solicitors fees.
I only just have enough for the solicitors fees so need a good mortage with no other fees involved. Any help?


wadlwy101

Lipstick_2

Would you explain this bit, " I'm having to have a name changed on a mortgage," as it does not necessary mean a new mortgage but could mean a transfer of equity.

MarkyMarkD

There are very many mortgages where you can add the fees to the mortgage. It's not necessarily best to go for a "no fees" deal when a "fees" deal may be better overall value.

I agree with Lipstick's question too - if you are just adding one name to a single-named mortgage, or removing one name from a joint-named mortgage, or even removing one name from a joint-named mortgage AND adding another name, all of those situations are transfers of equity not remortgages and there is no need to get a new product at all - unless the original lender won't allow the ToE because of the credit rating of the new/remaining borrowers.

wadley101

Hi
Sorry about the confusion. Im transferring the equity to have my ex-wifes name taken off. And was told I needed to set up another mortage.


wadley101

wadley101

Hi
Lender will only allow an internal remortage so now way round the fees.
Thanks for your help.

wadley101

MarkyMarkD

If your lender is taking that attitude - which is stupid - then you should be looking at remortgaging elsewhere, rather than simply accepting their offer. There's virtually no chance they will be the most competitive if they are simply treating you as a new borrower.

wadley101

That would still mean I need a new mortage, and paying for the solicitors fees is going to clean me out. So I have stayed with my lender as there are no costs involved, no redemption penalties either.

wadley101

MarkyMarkD

Well, hasn't this been a useful thread?

It started out with wadley asking for advice on getting a new mortgage.

And ended up with wadley saying that there was no point getting a new mortgage in any case.

:rolleyes:

KTF

Many lenders will pay all the fees (bar the product fee if there is one) to move to them so it would have been worth looking around before signing on the dotted line.

MarkyMarkD

Well, exactly. If wadley had pointed out in the first place that there was a redemption penalty involved, I would have suggested up-front that remortgaging was a daft idea.