Re-mortgage or not..

DayDreamerandGeneralWaster

We are currently on a fixed rate of base rate plus 2.09% and have been since 2009.

We have been overpaying and have about 8 years to go.
I think we should at least consider re-mortgaging but DH thinks by the time you factor in the fee and the deal ending then having to move and there not being a deal that is equal to what we are on now, it's not worth it.

What would you do?

getmore4less

Base + 2.09% is not a fixed rate.
Lender?
LTV? 
Amount owed?

Probably should have changed ages ago. 

Cam93

If its base +2.09% thats very high by current standards.

Fir what it's worth I was on 2.09% fixed paying 559pcm but have just remortgaged onto 1.59% costing 449pcm saving me 100pcm which I then overpay direct off the capital.

I used a broker to secure the deal with no costs other than her fee which cost me 195.00, so after 2 months if being on the new rate I'm better off.

It is ALWAYS worth shopping around, my 195£ 'investment' in a broker will save me 2400 in paying intrest without needing too, it also means I'll be mortgage free several months sooner because of reinvesting the saved amount into an overpayment 

tim_london

If you stick with the same lender on a new deal it's called 'product transfer' and not 'remortgage'.  Product transfer you do not need solicitors and often can be done in days.

At the rates you mentioned it does feel like most lender would have products that will beat it even if it not the best in the market.  Unless your lender is one of those who specialises in low credit mortgages.

The question then becomes does the saving between moving to a better deal with another lender cover the ~£1k solicitor fee.  

getmore4less

Change of lender should not cost ~£1k. 

Many lenders will do free legal to move to them. 

Thrugelmir

The critical factor is how much you owe. 

DayDreamerandGeneralWaster

getmore4less said:

Base + 2.09% is not a fixed rate.
Lender?
LTV? 
Amount owed?

Probably should have changed ages ago. 

Sorry yes l know it's variable. 

Birmingham Midshires
LTV is estimated about 40%, probably a bit less
93k to go