Do people generally remortgage to same or different providers?

Dave360180

Thanks all, interesting replies. 

It seems that most lenders don’t waive the product fee even if you stay with them. See this thread : https://forums.moneysavingexpert.com/discussion/4125041/do-mortgage-providers-ever-waive-a-product-fee

Product fee if you stay or go !

I may have been a bit hasty therefore and it seems switching may generally save. About £1K over the 5 year term, in my case - that’s worth it for me. 

A couple of things :
1) I’d be interested to know if there are any lenders that DO waive product charges for existing customers ? 

2) What are the risks of switching ? I have the time to do it. I imagine the conveyancer could muddle it up ie leaving you on SVR.

dunstonh

It seems that most lenders don’t waive the product fee even if you stay with them. See this thread : https://forums.moneysavingexpert.com/discussion/4125041/do-mortgage-providers-ever-waive-a-product-fee

Product fee if you stay or go !

When interest rates are low, the net interest margin is reduced.   So, a lot of the "profit" is in the fees.  

1) I’d be interested to know if there are any lenders that DO waive product charges for existing customers ?

The deals are the deals.  It is rare for any lender to offer personalised terms to individuals. 

2) What are the risks of switching ? I have the time to do it. I imagine the conveyancer could muddle it up ie leaving you on SVR.

Only risk is really ballsing up your research if you don't use a broker.  

getmore4less

Most lenders have both fee or no fee optionsthe concept of  wavers is the wrong way to look at it. 

PaulW922

I have frequently switched deal but so far, have never switched lender. If you stay with your current lender then generally there is no reapplication to go through, no credit check, no valuation and no legal fees. If you want to borrow more then it will be different of course, but the lack of hassle is worth taking into account

Dave360180

Thanks all. To me, it sounds like a couple calls to the broker and conveyancer, checking a credit file app, maybe an ID check or two and a bit of hassle to save approx £1000. I would say that’s worth it.