Re-mortgage, worth changing lender?

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Marvel1
Marvel1 Posts: 7,172 Forumite
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in Mortgages & endowments
Looking to fix for remaining 10 years.

Current lender is more at £2 extra a month than another lender.

Overall difference is £206 after the 10 term.

Most stupid question I know, but worth staying with current lender as I gather there would be no extras involved - solicitor fees, valuation?

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  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Amount, rate, payment and fees(all) for both?
  • Moneyminded
    Moneyminded Posts: 281 Forumite
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    If you change lenders you will need to get solicitors involved have you factored this into your cost calculations?
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 (aiming for October 2025)
    • MFW 2024 #15 £446.24/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.44
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Personally for £2 a month I wouldn't bother.
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
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    getmore4less wrote: »
    Amount, rate, payment and fees(all) for both?

    Borrowing: £25,403
    No product fees for any of them

    Rate: 2.44%, £239 per month, total paid £28,654 (current lender)

    Rate: 2.29%, £237 per month, total paid £28,447 (new lender)
    Moneyminded wrote: »
    If you change lenders you will need to get solicitors involved have you factored this into your cost calculations?

    Looking at it, seems daft, never changed lender when I started 13 years ago. If no solicator by staying then I assume it would be more than the £206.
  • ACG
    ACG Posts: 23,727 Forumite
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    In the spirit of money saving, of course it is worth switching.

    In the real world is it worth spending a few hours going through the process for £200 over a 10 year period? Personally to me it wouldnt be.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    You will have exit fees from your current lender.

    The low amount probably won't qualify for free legals and valuation with a new lender.

    Are you planning to overpay?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    May be no ERC but usually discharge fees.
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
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    getmore4less wrote: »
    You will have exit fees from your current lender.

    The low amount probably won't qualify for free legals and valuation with a new lender.

    Are you planning to overpay?
    getmore4less wrote: »
    May be no ERC but usually discharge fees.

    Apologises I deleted my post after posting to double check, you are right, when I first read it there was no charge for ERC which I looked at, just looked up exit fee and it's £65.00.

    No plans to overpay, keep the same until the end.

    Looks like I will stay with current lender.

    Thank you all.
  • Rosie_D
    Rosie_D Posts: 107 Forumite
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    You do right to stay with your current lender as you don't have to go through credit checks etc as it's just classed as a product transfer & not an actual remortgage ��
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