Changing lender costs for remortgage

martyp

Hi all,


I just wanted to get some advice please on changing lenders as I have been with the same lender since I bought my house 14 years ago and just changed deals. Now after consulting a broker I have been offered a rate that's much better than my current lender but although the current fix ends shortly and the new deal is set to start straight after that there would be fees to pay to my current lender to leave them?
Also I have been offered conveyancing at £299 + £12 for name entry and £39 for electronic bank transfer, are these normal for switching lenders and a good price?

kingstreet

There are plenty of remortgage products with a free valuation and free legals, leaving only your existing lender's discharge fee to pay.

AnotherJoe

although the current fix ends shortly and the new deal is set to start straight after that there would be fees to pay to my current lender to leave them?

Ask your current lender.

ACG

Usually if you are having to pay for legals, there is cashback.
But as kingstreet says, there are deals with free legals and valuation fees - but the rate may be higher. PResumably your broker has balanced out the costs and rate to find the cheapest deal?

martyp

ACG wrote: »

Usually if you are having to pay for legals, there is cashback.
But as kingstreet says, there are deals with free legals and valuation fees - but the rate may be higher. PResumably your broker has balanced out the costs and rate to find the cheapest deal?

Hopefully yes. It was either free legals or £500 cashback

ACG

So £500 means you get £150 in your pocket which should be more than enough to pay the discharge fee to your current lender, they are usually around the £100 mark.