would u switch lender for saving of £750 interest in total over 4 years

FZwanab

Hi, through the help of this forum we have been overpaying our mortgage. I am usually reading all the diaries, but just wanted to ask some advice this time. We have only 4 years now remaining on our mortgage and if we were to switch lender we would save £750 interest in total (over the 4 years). Would you switch? I know there would be solicitors costs involved( this may be paid for my the new lender), but does anyone know if there would be other costs involved in switching lender? Many thanks Penny

MarkyMarkD

The solicitors' costs will not be paid for by the new lender unless the product includes it as an incentive. If they aren't included you are looking at roughly £300. Then you'll incur an MEAF from your old lender, of anything up to £295.

It's not IMHO worth spending £600 now to save £750 over 4 years, given the effort involved in switching.

dimbo61

go back to your existing lender and ask what deals they have for you now !!
haggle with them you have nothing to lose.
keep on overpaying and become mortgage free asap
good luck

FZwanab

Hi I went back to my lender and they said there was nothing they could do as there was not much saving in it.

dimbo61

sorry to hear that penny only thing i can recomend now is to try and save money on every thing else you spend money on, the MSE way !!!
cashback credit cards, cheapest car,house,travel, pet and life insurance
use quidco when buying stuff and follow all of martin,s tips.
I have saved thousands since i found the god that is MARTIN
good luck

ailuro2

Is there any additional benefit in the new lender- can you overpay more, access to account balances etc?

If the benefit is a couple of hundred pounds, then that's £200 to overpay on your mortgage.Depends on how much free time you have,though. If time is tight,then you have to ask if you could use the time better elsewhere?