We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help Please - Is It Worth Switching Mortgage?
Options

TheBottomLine_2
Posts: 301 Forumite
I'd like a little help please from you financial experts on this board. I currently have a mortgage with the Halifax and the outstanding balance is just under £30,000 with a little over 15 years left to go. It is at the SVR of 6.75% and costs me £258.89 per month currently. There would also be a £165 fee for 'admin' and 'deeds release' on early repayment.
Lately, my dad has been insisting I will save loads of money by switching to a better deal. He gets his ideas from the sunday papers but I'm sure the figures he's looking at are based on much higher mortgages. I read a comment from Martin Lewis that suggested the savings on a £30,000 mortgage would be minimal and it might possibly cost more when considering associated fees.
I've had a little scoot around the www and I don't mind admitting to you that it is quite confusing and I don't reckon I can save any more than about £5 per month which to be honest I don't think is worth the hassle of switching lenders. I have pretty much decided that my best option is to go see the Halifax and tell them I'm thinking about switching to another lender and see what I can squeeze out of them with the minimum of fuss.
Thanks for reading, and thanks in advance for any help offered.
Lately, my dad has been insisting I will save loads of money by switching to a better deal. He gets his ideas from the sunday papers but I'm sure the figures he's looking at are based on much higher mortgages. I read a comment from Martin Lewis that suggested the savings on a £30,000 mortgage would be minimal and it might possibly cost more when considering associated fees.
I've had a little scoot around the www and I don't mind admitting to you that it is quite confusing and I don't reckon I can save any more than about £5 per month which to be honest I don't think is worth the hassle of switching lenders. I have pretty much decided that my best option is to go see the Halifax and tell them I'm thinking about switching to another lender and see what I can squeeze out of them with the minimum of fuss.
Thanks for reading, and thanks in advance for any help offered.

Only 3% of those registered blind in the UK have zero vision.
0
Comments
-
Yes - First of all ask what they can do for you , you have a range of "non mover" rates
although most (in not all) now have fees attached
You should still be able to find a swap that should save you money
( as you know , rarely is a swap really free- as in this case you have fees to existing lender) but no reason to pay 6.75%Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Only rough calculations but going on something like a Nationwide 10 year fix with no reservation fee, once youtake into account the £165 admin/deeds relase you still are over £1000 up over the period. Much prefer £1000 in my pocket than theirs. But guess it is personal choice when you factor in time/effort etc.0
-
Thanks for the replies, I hadn't considered the long-term saving as I was just looking at the small monthly one. I'll take my bare-faced cheek into the Halifax and tell them what I want, although I get the impression lately the Halifax are more concerned with attracting new customers rather than keeping existing ones.
If no joy at the 'fax I'll look into it some more.Only 3% of those registered blind in the UK have zero vision.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards