New Rates

anitak

Hi there. Just found out our 3 yr fixed rate of 4.99 with the Halifax ends in 2 weeks and cannot access the PDF from this site regarding remortgaging.... the best they will offer us today is 5yrs at 5.89, meaning our monthly repayment rises to 1258. BUT this will incur a £999 fee (!!!). Is this really a good deal? Would we be better off looking at a 10 yr deal? How can they justify the fee when all they have to do is change our direct debit amount??

Is there a way to negotiate a better rate/dropping of arrangement charges out of them? Any ideas?

I am not working at present, so I guess we cant go to another lender right now?

Any advice greatly appreciated.......
Thanks
AnitaK
NEW TO MSE>>>>>>

Trying_to_be_good

Have you looked at any other posts on this forum that talk about arrangement fees?

You will find that the answer is ALWAYS that the fee is part of the price you pay - they can probably offer you a fixed rate with no fee, but the rate will be higher. You choose which you want - high fee with low rate or low fee with high rate. It's how the package (and their profit) is made up. Don't like the fee? Go for a different deal.

Dan_Collins_2

You can get lower with lower fees. But it will depend your financial standing and LTV etc etc. Anything around 4.99% will have a huge fee. Rates will be creeping up and lenders are looking to lend less and less.

beecher

Halifax has a good online checker which allows you to see how much your payments would be. Last time I looked they had a 6.54% rate for 5 years which had no fee, but I'd guess that would cost you more than £999 more than the rate you've been quoted over the 5 years. There should also be a rate for £499 too

For my own situation I'm cheaper going with the higher rate with no arrangment fee, but with such a large mortgage you're probably better off paying the £999 I'd think, but as I say - check the online calculator on the halifax website.