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Is worth to change Mortgage lender?
pintxo_21
Posts: 8 Forumite
Hi,
I would like to know when is worth to change mortgage lenders. Mi situation is: Amount left: £370,000 over 22 years (lease property)
Current lender offer: 1.34% 2 years fix. £999 Fee --> cost over 2 years: : £39,920.24 | amount left after 2 years: £340,685.03
Other lender offer: 1.24% 2 years fix £995 Fee, CHAPS fee £30, free evaluation + free legal cost. Exit fee of the current mortgage £65. --> cost over 2 years: £39,474.92 | amount left after 2 years: £340,375.55
The savings would be: (£39,920.24 - £39,474.92) + (£340,685.03 - £340,375.55) = £754.8
I wonder if there could be any hidden fees.
What is you opinion about Habbito and Trussle?
Thanks
Andy
I would like to know when is worth to change mortgage lenders. Mi situation is: Amount left: £370,000 over 22 years (lease property)
Current lender offer: 1.34% 2 years fix. £999 Fee --> cost over 2 years: : £39,920.24 | amount left after 2 years: £340,685.03
Other lender offer: 1.24% 2 years fix £995 Fee, CHAPS fee £30, free evaluation + free legal cost. Exit fee of the current mortgage £65. --> cost over 2 years: £39,474.92 | amount left after 2 years: £340,375.55
The savings would be: (£39,920.24 - £39,474.92) + (£340,685.03 - £340,375.55) = £754.8
I wonder if there could be any hidden fees.
What is you opinion about Habbito and Trussle?
Thanks
Andy
0
Comments
-
Habito and Trussle are online options but still have an inexperienced broker working on it in the background. Seen reports of up to 4 to 5 people working on the case rather than having one adviser. You could get better from another broker.
As for your numbers, there might be some factors to look at:-- Are they truly 2 year deals? Very few lenders actually do this ie 24 months fixed rates now, so you may be actually comparing a 26 month deal against a 28 month deal. Check the end dates of the mortgage deals
- Do you have an admin fee to leave your current lender? If a deed release fee, you need to add this into the equation.
I am a mortgage broker and IFA. You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
HI, Yes i added already: Exit fee of the current mortgage £65Whats_your_forte said:Habito and Trussle are online options but still have an inexperienced broker working on it in the background. Seen reports of up to 4 to 5 people working on the case rather than having one adviser. You could get better from another broker.
As for your numbers, there might be some factors to look at:-- Are they truly 2 year deals? Very few lenders actually do this ie 24 months fixed rates now, so you may be actually comparing a 26 month deal against a 28 month deal. Check the end dates of the mortgage deals
- Do you have an admin fee to leave your current lender? If a deed release fee, you need to add this into the equation.
Thanks0
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