Remortage frustration

penners324

https://forums.moneysavingexpert.com/discussion/comment/81900995#Comment_81900995

Your over thinking this.

penners324

https://forums.moneysavingexpert.com/discussion/comment/81901088#Comment_81901088

Your current mortgage company won't offer better than that? Very surprising.

Your 'anger' is entirely misplaced

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81901088#Comment_81901088

Staying with your current lender doesn't mean staying on the SVR.

Are you sure they are not offering a better product transfer than 5.64% That seems very high if you are able to get 4.2% elsewhere!!

Angelica123

https://forums.moneysavingexpert.com/discussion/comment/81901088#Comment_81901088

Surely your mortgage provider is providing a better ideal if you go for another fix with them? I got my mortgage when rates were at their peak and it wasn't that high. I think you have gotten the wrong end of the stick.

I have never known a witness signature requirement to explicitly exclude friends (although some may require that the witnesses have a certain profession). They usually exclude partners and family members but colleagues/friends/neighbours shouldn't be a problem. Again, I wonder if you've gotten the wrong end of the stick here.

I would personally go back to your current provider and ask them what's remortgage rates they can offer.

ACG

ID - Thats the solicitors. The £6 you have paid will/should come off your total bill. Ie you might be paying £250 for legals, when the bill comes it will/should show £6 as already being paid.

Deeds - Thats the solicitors.

High interest rate - Most mortgages are very low interest rates with very minimal profit margins. Yes, it adds up over time. Find someone else to lend you the money for less. I doubt you can. In which case its hardly ripping you off is it?

Im not sure it is the brokers job to explain the solicitors process. I certainly dont, I might give people a brief overview of what to expect but ultimately processes change over time so I would not want to risk giving you wrong information.

As for a printer - in todays world I imagine most people have access to a printer. Your own, a friend, a neighbour, work, the library (although finding a library is probably harder than finding a printer)…

Dannydee333

https://forums.moneysavingexpert.com/discussion/comment/81906405#Comment_81906405

https://forums.moneysavingexpert.com/discussion/comment/81907084#Comment_81907084

Changing to the SVR would actually be marginally better than the rate I was on for 2 years (it would drop by like .04% or something which would stay in place for 3 years, only if I didn't do anything).

I haven't heard anything from the current provider. I had a broker from the organisation that helped with the original purchase call me a few weeks ago to go through options and was told my current provider (Accord) was unlikely to make a counter offer. Also, during the original purchase process, Accord doesn't deal with regular peasants, only brokers, so I assumed this was how they operated at all levels.

Dannydee333

https://forums.moneysavingexpert.com/discussion/comment/81907224#Comment_81907224

I'm not paying anything for the basic legals, the bank is. A quick look on Trust Pilot shows me that this particular solicitor charges this £6 fee but it is "optional" but many of the complaints are that this isn't clear and I have to say, I didn't see no obvious "optional" tickbox.

"Low interest rates with very minimal profit margins" .. I have paid about 15/6k in mortgage payments over the last 2 years. About 13/14k of that was interest. That doesn't seem very minimal to me. Where does that 13/14k go if profits are minimal? That is a complete rip-off. Paying way more interest in the early years may be "how it works" but that doesn't mean it's not disgusting.

My point about broker is whilst it may not be their job, it seems this industry assumes everyone knows exactly what to expect. This is my first time remortgaging. Sure, due diligence is a thing but it would not be very difficult to make the process less frustrating for customers by simply finding out if you have been here before, then outlining what to expect.

In an ever increasing digital world, being prompted to print something out and send it by snail mail just so there is a "wet signature" is a pain.

I do love the library tho.

RelievedSheff

If you don't like paying a mortgage you could rent instead.

If you want to pay less interest, shorten your mortgage term.

Dannydee333

https://forums.moneysavingexpert.com/discussion/comment/81908898#Comment_81908898

I was renting for many years and made the transition 2 years ago because paying the same figure per month in rent is more painful than paying a mortgage because you get nothing in return aside from paying for a roof over your head. Thankfully, my renting arrangement was with a housing association so I could sleep comfortably at night knowing I wasn't paying someone's mortgage for them.

Unless you can buy outright, you're kinda screwed either way. Having a mortgage is obviously better because at least you're starting to build equity, but the the ridiculously high interest in the early years would make you sick.

This remortgage is reducing the term by 8 years which is great, but that doesn't stop the insanely high interest. I'm also not going to be staying in this home permanently anyway. I plan to build enough capital to either buy a bigger home outright or pay a huge deposit and then pay the rest off ASAP.

Whatever it takes to not be in the clutches of banks and lenders for longer than necessary.

kingstreet

The profit a lender makes on a mortgage is pretty low, particularly in the early years. The difference between the rate the lender buys funds and lends them out isn't great. The initial cost of setting up the account etc is higher.