Mortgage exit fees help

Attijude

I am due to change my mortgage in the next 2 months and am going to be charged £195 by my current lender. This was always stated on the contract but I wondered is there anything I can do about it?

lolarentt

If it was in your original contract I would think not. Just pick one without an exit fee next time. We've just switched from HSBC (no charge after 2 years) to ING (no charges in or out and no minimum period) so can't go wrong really - if something better comes along later we can switch again.

dunstonh

One option is not to change your mortgage.

MarkyMarkD

lolarentt's advice is all very well, but an exit fee of £195 (or whatever) is a very small element in the total cost of a mortgage.

Selecting a mortgage on the sole criteria of a nil exit fee will very likely not get you the best value deal overall.

Take account of total cost over the period you intend to keep the mortgage.

lolarentt

MarkyMarkD wrote: »

lolarentt's advice is all very well, but an exit fee of £195 (or whatever) is a very small element in the total cost of a mortgage.

Selecting a mortgage on the sole criteria of a nil exit fee will very likely not get you the best value deal overall.

Take account of total cost over the period you intend to keep the mortgage.

This wasn't what I was saying at all! Not incurring an exit fee would be an added bonus when choosing a mortgage but of course one would choose a mortgage that gave you the best deal overall as regards interest rates, flexibility, and repayment cost etc.
As we can see the £195 which was inconsequential to OP when the mortgage was first taken out, now has a definite niggle factor when it comes to tidying up the loose ends!