Remortgage Early and Pay Early Redemption Fee?

mitchaa

Greenr wrote: »

Exactly... if the value of my property drops any further I'll be in trouble!! Is there anything else to bear in mind when I visit Halifax?

The arrangement fee for a possible new mortgage.

Greenr

when re-mortgaging, what other fees will i have to pay other than:

early redemption fee
new product fee

Would there be any solicitors fees involved or a fee for a new valuation?

mitchaa

Greenr wrote: »

Would there be any solicitors fees involved or a fee for a new valuation?

Nope, i doubt it with lending from the same company. You should get it free of charge

Greenr

thanks very much for all your help and advice. I'll make an appointment with Halifax asap...

beecher

https://www.halifax.co.uk/mortgages/calculator/mortcal_main.asp?brand=halifax&app=borrow

I'd use this before your appointment - factor in what difference it makes having 97% or 75% LTV, and also work out whether it is worth paying £999 in fees - in my case it is cheaper to pay £499 and get a slightly higher rate.

It means you're one step ahead of them when they print off your quotes.

You would have not solicitors fees or valuation costs if staying with Halifax.

Greenr

would I be mad to add the early redemption fee and new product fee onto my remortgage?

mitchaa

Greenr wrote: »

would I be mad to add the early redemption fee and new product fee onto my remortgage?

I think thats what most people do.

So most people must be mad

Let us know how you get on.

beecher

Greenr wrote: »

would I be mad to add the early redemption fee and new product fee onto my remortgage?

In my opinion, yes. Adding over £2,000 onto your mortage would undo any benefit from coming out of your mortgage early and would make it extremely unlikely you'd have a LTV of under 75% - I thought that was the major motivator in doing it now rather than next May?

mitchaa

The new product fee is going to be there regardless of it being today or next May. Most people do add this to their mortgage

The early redemption fee however is unnecessary.

mitchaa

beecher wrote: »

Halifax offer 6.09% for 75% LTV, and 6.19% for 97% LTV so it isn't a huge difference - particularly on such a small mortgage.

Do they still offer 97%?

I would imagine astronomical fees for 6.19% 97% LTV