Help Please - Is It Worth Switching Mortgage?

TheBottomLine_2

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.

payless

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%

Woby_Tide

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.

TheBottomLine_2

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.