Remortgage Help

sliver

Hi I just wanted some pointers if possible.

I've been reading the forums and doing some research and wanted to double check I was on the right lines.

I have an Interest Only mortgage of £67k which I am paying Coventry Building Society 7.03% It has just over 15 years left (and I've never changed lender, never had the motivation until MSE and even then it's taken me a while to seriously look into it). The supporting endowment is with L&G and I thought it was about time to transfer to repayment. I intend to keep the endowment going for now (thats the topic of another thread on another day). As I'm moving from IO to Repay its hard to do a comparison of costs, obviously I won't get smaller repayments.

I intend to remortgage somewhere between £65k - £67k (just deciding whether to use some savings to reduce the capital a little), I want to be able to make overpayments and don't want any early redemption charges (as I am considering moving in the next 2 to 3 years). I also don't want initial fees to be too high and want daily interest.

After a short amount of research I have found a product from Derbyshire (via London and County website) that seems to meet the bill
Flexible Tracker at Base +0.45% for 3 years (initially 5.7%) After this it changes to Base +0.75% It has no early redemption charges, daily interest, allows unlimited overpayments. It also has no fees, free basic valuation, free basic legal work. It looks as if the only fees are a £50 valuation fee, £30 telegraphic transfer and an Exit Fee of £175.

To me, on my 7.03% this seems pretty good value. Is there anything obvious I might have overlooked in my requirements? Comments and advice would be very much appreciated.

Thanks

Sliver

homer_j_3

have you asked the coventry for what they can do for you?

sliver

Not directly, I checked their rates on the web and they do have a couple of trackers, one with no fees at 6.5%, that both have redemption penalties until 2011 (which wouldn't fit with my possible moving/selling in a couple of years, they also only have 5% overpayment and I wanted to try and clear as much capital as I can afford).

Do you think they may be able to offer something that isn't a standard product and beat the offers on their site?

homer_j_3

They may do, I am not sure. The first thing I would do is call them and ask - if they are just the ones on their website then you are no worse off.

The derbyshire looks fairly competitive and it may not be around for long looking at what other lenders are doing.

Clearly, without knowing all the details I cant say if there is better out there or whether that product is right for you but an hour of your time with a broker should confirm everything you need.

sliver

Many thanks, I will speak with Coventry to see what they say and then intend to contcact Charcol and L&C and see what they think.