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Switching to new mortgage provider - exit fee etc?
Unicorn_cottage
Posts: 879 Forumite
Hi all
If I switch mortgage provider after my introductory rate (Post Office 2.68% fix for 5 years) has finished do I have to pay any exit or any other fees? I have looked at my offer of loan and it mentions early redemption charges within the fix period plus a mortgage release fee. The mortgage release fee is £0 "on full repayment of this mortgage" so I assume the new provider sends them the mortgage amount I have requested from them therefore there is no fee to pay? Although it does say "This fee is based on current rates and may be subject to change in the future".
Have I understood this correctly?
Thanks
If I switch mortgage provider after my introductory rate (Post Office 2.68% fix for 5 years) has finished do I have to pay any exit or any other fees? I have looked at my offer of loan and it mentions early redemption charges within the fix period plus a mortgage release fee. The mortgage release fee is £0 "on full repayment of this mortgage" so I assume the new provider sends them the mortgage amount I have requested from them therefore there is no fee to pay? Although it does say "This fee is based on current rates and may be subject to change in the future".
Have I understood this correctly?
Thanks
"Everything comes to him who hustles while he waits" Thomas Edison
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
0
Comments
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Exactly rightI am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0 -
Thank you YHM
"Everything comes to him who hustles while he waits" Thomas Edison
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:0
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