Switching Mortgage Products prior Completion

nekr0mantik

Hello

Anyone here switched mortgage products from a rate that had free valuation to a product that had valuation fee?

I currently got offer on 2 year fixed deal with free valuation which was already carried out. I now want to switch to 5 year fixed but that normally has a £430 fee!

Even though they dont need to do another one they want to charge me.

Anyone else experience this and I cant do anything about it right?

Snookie12cat

nekr0mantik said:

Hello

Anyone here switched mortgage products from a rate that had free valuation to a product that had valuation fee?

I currently got offer on 2 year fixed deal with free valuation which was already carried out. I now want to switch to 5 year fixed but that normally has a £430 fee!

Even though they dont need to do another one they want to charge me.

Anyone else experience this and I cant do anything about it right?

If you want the product you have to pay the fees associated with it. If the valuation was free the rate would be higher, so they are not going to give it to you without you parting with your money.

Are you sure they are not going up assess the entire application again? If they do, there is a risk they could refuse you and you have no offer?

nekr0mantik

Snookie12cat said:

nekr0mantik said:

Hello

Anyone here switched mortgage products from a rate that had free valuation to a product that had valuation fee?

I currently got offer on 2 year fixed deal with free valuation which was already carried out. I now want to switch to 5 year fixed but that normally has a £430 fee!

Even though they dont need to do another one they want to charge me.

Anyone else experience this and I cant do anything about it right?

If you want the product you have to pay the fees associated with it. If the valuation was free the rate would be higher, so they are not going to give it to you without you parting with your money.

Are you sure they are not going up assess the entire application again? If they do, there is a risk they could refuse you and you have no offer?

My broker said they should not need to assess the application again as banks favour longer fixed rates as its less risky in terms of defaulting to SVR sooner which no one knows would be in 2 years. They ready to give me updated offer if I pay the fees.

Fees are 1400 in total though as it also had free fee while 5 year has 999 fee which cant be added to loan as they said it goes above LTV.

Or I switch to even higher rate and pay £80 a month more on mortgage and no fees upfront and still have 5 year fixed.