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Mortgage renewal enquiry
chriswave
Posts: 25 Forumite
Just looking for a little guidance...
I have two mortgages with the halifax on fixed rates (90k expires july 2008 and 43k expiring september 2009)
My question is fairly simple, should I decide to stay with halifax (and fix the 90 k again), will I need to pay any additional fees (on top of arrangement fees). I am particularly thinking about solicitors fees (we live in scotland) or valuations (the last valuation was complete in sept 2007),
Thanks
I have two mortgages with the halifax on fixed rates (90k expires july 2008 and 43k expiring september 2009)
My question is fairly simple, should I decide to stay with halifax (and fix the 90 k again), will I need to pay any additional fees (on top of arrangement fees). I am particularly thinking about solicitors fees (we live in scotland) or valuations (the last valuation was complete in sept 2007),
Thanks
0
Comments
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First thing is that mortgages do not renew. The deal may come to end but it isnt a renewal like a car insurance or household insurance.I have two mortgages with the halifax on fixed rates (90k expires july 2008 and 43k expiring september 2009)
This complicates matters as you have two deals ending on two different dates. If you change lenders in Aug 08 you will probably find you have an early redemption charge on the other mortgage. The costs of moving mortgages could offset any gains you make and more. You would need to cost in all the alternatives. It may be sensible to go standard variable rate or a non tied in tracker until sept 09 so you can get your two mortgages matched for deals.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
First thing is that mortgages do not renew. The deal may come to end but it isnt a renewal like a car insurance or household insurance.
This complicates matters as you have two deals ending on two different dates. If you change lenders in Aug 08 you will probably find you have an early redemption charge on the other mortgage. The costs of moving mortgages could offset any gains you make and more. You would need to cost in all the alternatives. It may be sensible to go standard variable rate or a non tied in tracker until sept 09 so you can get your two mortgages matched for deals.
hi there sorry i think i have not explained myself, my query is I have to pay additional solicitor fees at time of going onto another deal?0 -
Not if you're staying with the same lender - as the charges on the home aren't changing.0
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