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Re-mortgage, worth changing lender?
Marvel1
Posts: 7,498 Forumite
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?
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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Comments
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Amount, rate, payment and fees(all) for both?0
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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
- MFW 2026 #15 400/2000 /// MFW 2025 #15 1628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £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 £3.56
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Personally for £2 a month I wouldn't bother.0
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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 £206.0 -
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 AdviserYou 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.0 -
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?0 -
May be no ERC but usually discharge fees.0
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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.0 -
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 ��0
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