Thoughts on my remortgage

HardSpend

Current mortgage
RBOS
£36,629.59
21 years remaining
variable rate currently 6.9%
allows unlimited overpayments, no early repayment charge

Remortgage
Bank of Ireland
£36,629.59
10 year total
3 year fixed at 5.99%
Cost to remortgage £195 ("lending fee")
max 10% of total mortgage overpayments per year, must be in £2k sums
early repayment fee during fixed rate 3% of total

Does this sound any good?

I've started the ball rolling because the offer was only open until 31/03/08 but nothing is set until I actually sign up. If the variable rate is 6.5% (I think it's due to go down on 9th March??) then I will save £9 a month; 21months to save £195

Got the offer from London & Country, not tried Charcol, Savills or Chase de Vere because they all charge more(?). Still need to try RBOS to say what they say.

Any questions I should be asking Bank of Ireland or L&C?

beecher

What about legal fees - are they being paid for by the Bank of Ireland or L&C?

If so it looks like a good deal to me - would you be using the overpayment facility as that looks the only thing that'd put me off as I wouldn't want to pay as much as £2,000 a year, and that's the minimum.

HardSpend

I don't know about any legal fees, I asked if I would need to contact my solicitor and L&C said no they will sort that out for me, I hope I'm not going to get a bill from my solicitor I don't know about?

I was specifically told the only fee is the £195 lending fee but I see many posts talking about legal fees so I'm not sure, maybe that's the only fee from the bank/L&C!

Yes I would likely use the overpayment facility in fact I'm unsure what happens after I pay the first £2k. To make up the rest of the 10% allowance I only need to pay approx £1.6k however as this is less than £2k will I be allowed?

beecher

I'd take it you could only pay £2k every year then, so that's definitely something to doublecheck with them and you need to work out if that's going to be a real problem for you Also check with them about legal fees, just to be sure.

What have RBOS offered you? If there are legal fees connected to your move, it might be worth seeing what fixed rates/trackers they can offer you? You'd be able to cut the term with them if that's a priority.