remortgage with same lender. have to pay fees & legal?

durain

if i remortgage with the same lender, do i have to pay the fees and legal cost again?

homer_j_3

you cannot remortgage with same lender, you can apply for a product transfer and there should be no legal fees involved but there may be product fees involved and transfer fees.

the best thing to do is see what they offer and then see how that compares to the market.

Lurking_Lawyer

durain wrote: »

if i remortgage with the same lender, do i have to pay the fees and legal cost again?

You won't need to pay any legal fees as there's no legal work to be done - their charge is already registered. You're just asking your lender to transfer your account from one product (i.e rate) to another.

Unless you pick a product that has no reservation fee, you're still going to have to pay the fee to secure the funds at that rate though. Some lenders waive the fee on certain products for existing borrowers, although those kind of products seem to be few and far between at the moment!

Dick_here

I took the OP to mean if he goes to his lender and asks to borrow more money on the mortgage.

homer_j_3

that would be a further advance and the answer is the same.

durain

oh... when i mean remortgage, i mean move my mortgage to another lender or to another package (if with the same lender). not remortgage to get more money.

looking at some of the lender, the fees are about £999!!! and i guessed i have to pay for legal fees as well. ok, so some lender will waive the fees but at a higher rate, and not a lot of them are giving freebies anymore.

so instead of moving to another lender and pay all the fees, maybe it will be cheaper for me to just "renew" with my existing lender for another package and not pay the fees.

just wasnt sure if i have to pay all the fees all over again...

Dan_Collins_2

Some lenders will remortgage you. I think may just be a term, but Woolwich, GMAC will do. You wont pay any legal work though.

jusgaz

I'm in the process of remortgaging with the same provider. My 2 year fixed rate comes to an end in June and they've offered me a new 5 year fixed rate. They're charging an arrangement fee but no legal fees etc. Plus I would have had to pay £255 exit fee if I'd moved to another lender. Hope this helps answer your question.