Easy to remorg to different bank?

MrMrMr

Been with same bank for all mortgage. Deal is up and their deals don’t seem to be as good, even for existing customers, than running the best on MSE site. 

As I’ve never changed is the process easy? What do you put in for the final figure, as it always says “this is not a settlement figure” and only allows you in years, rather than years and months. 

Looking it seems, for a fixed rate what I’m looking for, first direct is best for 5 years?

thanks

Thrugelmir

The process is straightforward enough to remortgage to a different lender. When making comparisons between products. Ensure that all costs are allowed for. Unless there's incentives on offer. You will need cover the exit fee for your existing mortgage, property valuation fee and legal fees. In addition a product fee if one is charged. 

Generally speaking the smaller your mortgage balance is. The greater the challenge will be to find a product to switch to. 

Choosing a fixed term is really down to personal choice and the rates on offer. 

MrMrMr

Thanks for reply. Deal is over so no exit fees. The charge for new Morg is £500, no booking or arrangement fee. Not sure how much valuation and legal would be though. Presume that staying with existing I wouldn’t get charged for these. 

My LTV is about 40%, so seem to be getting best rate. 

If I phone existing would they do anything? Price match or even better rate than I can see online, or would they not do this at all. I expect not. 

Thrugelmir

All mortgages have a redemption/discharge fee attached. Normally in the region of a couple of hundred pounds. 
Existing lenders don't negotiate rates. 

MrMrMr

Thrugelmir said:

All mortgages have a redemption/discharge fee attached. Normally in the region of a couple of hundred pounds. 
Existing lenders don't negotiate rates. 

Ah so not the fee if leave early, but a fee to finish the mortgage with them as such?

I didn’t think they would negotiate, so it’s pointless phoning as they have suggested on an email I sent asking? They will just have the same rates. 

Quick check on MSE and there is a monthly fee difference between current and potential new of £60/month.  It this is before any discharge/leaving fee and cost of new mortgage. The rate of existing deal remorg is 3.6% whereas another bank is 1.6%.