Remortgage question

Zola.

Coming to the end of our five year term, in around the 60-63% LTV bracket, not sure what the bank's valuation is.. we owe a little over £100k.

I went to see the broker a few days ago and they said the bank was offering 2% to keep us for another 5 year fix. This is already much better than the 3% we are on now. We like the thought of a 5 year fix, as its the last term we will be in the house probably and the rate seems good / allows a good price and overpay opportunities. 

Looking comparatively online I can see the likes of Santander, HSBC offering 1.5%, yet the include fees at £1000.

Is there any point moving / should I take the 2%?

[Deleted User]

Why did the broker discount the santander/hsbc etc deals?   

Surely the broker went through the deals and explained the reasons for not going to ones that appeared 'better'?

Whats_your_forte

Can understand easily why the 1.5% deals were ignored based on the mortgage stated. However, more effort should have been given to say why ie the fee of £999 capitalised onto the mortgage may not have saved you enough versus a higher deal with no fees. Always adding into this a deed release fee from your current lender, I'd be going back to the adviser just to clarify this.

Plus if the savings are minimal, do you want to go through underwriting, valuations and solicitors is say saving £200 over 5 years

Zola.

Deleted_User said:

Why did the broker discount the santander/hsbc etc deals?   

Surely the broker went through the deals and explained the reasons for not going to ones that appeared 'better'?

Basically said that there was a £150 release fee, then when you factor in paying the fees and such the amount saved would be minimal.