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Huge remortgage fees
levitation
Posts: 4 Newbie
Hi all,
Forgive me if this question has been posted before.
My fixed rate came to an end last month and now Birmingham Midshires my existing lender want to charge me £2054 to renew my mortgage at a slightly higher fixed rate of 6.49%. This, they say is a product fee. It doesn't include any valuation fees or any stamp duty.
Is this a fair fee considering that I`m staying with the same provider? I personally think it sucks!!
Many Thanks
Brendon
Forgive me if this question has been posted before.
My fixed rate came to an end last month and now Birmingham Midshires my existing lender want to charge me £2054 to renew my mortgage at a slightly higher fixed rate of 6.49%. This, they say is a product fee. It doesn't include any valuation fees or any stamp duty.
Is this a fair fee considering that I`m staying with the same provider? I personally think it sucks!!
Many Thanks
Brendon
0
Comments
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The are loads of cheaper mortgages on the market with other lenders so just move it.0
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Thanks Al Mac,
so essentially i can either like it or lump it. The variable rate they're offering me is too high and my credit rating is not great so i think I'll have to like it.
ta0 -
I have a self cert mortgage and a shabby credit rating so I'm a bit stuck, thanks Woodgnome0
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Not necessarily. Go to a mortgage broker, tell them your financial situation warts and all, and let them see what products you may be accepted on.levitation wrote: »Thanks Al Mac,
so essentially i can either like it or lump it. The variable rate they're offering me is too high and my credit rating is not great so i think I'll have to like it.
ta0 -
Yup, an independent whole of market mortgage broker.0
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Seconded get some free advice tell the broker what you have been offered and can he beat it, then you know where you stand.0
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levitation wrote: »Hi all,
Forgive me if this question has been posted before.
My fixed rate came to an end last month and now Birmingham Midshires my existing lender want to charge me £2054 to renew my mortgage at a slightly higher fixed rate of 6.49%. This, they say is a product fee. It doesn't include any valuation fees or any stamp duty.
Is this a fair fee considering that I`m staying with the same provider? I personally think it sucks!!
Many Thanks
Brendon
you won't be paying stamp duty if you are remortgaging, no?0 -
No you only pay it once at original purchase; unless its a shared scheme of some sorts and you buy the rest of the shares.0
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Thanks to everyone who's replied!
I'll go and find myself an independent whole of market mortgage broker to harang.
I still think £2054 is eccesive for pressing a coupla buttons though!0
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