Re-mortgaging

[Orch]

Thanks for the reply Orch. I did actually ring Santander and they would not go anywhere near that rate unless I paid a lump sum off the mortgage first. I would happily have gone with them again otherwise.

Ah ok cool. Like I say First Direct have been excellent to me so not a bad move at all.

 

[Defy Belief]

Tut tut, you mean FCA?

Ha, damn change over mixed with tiredness.

Looks like you've batted the usual critics out of the park here. I wish I worked on a commission!

 

[The_Abyss]

The example used isn't with the same provider, that's a straight forward remortgage open to all.

Yes of course there are alternatives to consider with lower rates and fees, its a simple enough calculation to work out which is best, but I was only addressing the point of high fees in this instance.

My advice to anyone considering a mortgage of any type is find a good broker that doesn't charge fees. You have nothing to lose. Its OK trying yourself online, but you don't get a whole range of productss only available through advisers, plus you don't get the knowledge of which lenders will consider which types of applicant, property, term etc.

We do exist for a reason.

Feel free to ask me any questions though, and yes Abyss send me a trust nearer the time and I'll be happy to give you my two pennies

Nice I wasn't sure if that remortgage would cover all costs from another provider - legals etc - but from what you say it seems to. The appetite for (quality) lending seems to have well and truly returned.

I'll stick to my controlled functions for pensions from now on

 

[Orch]

The market has improved a lot in the last year or two, since they started actually lending again and competition returned, thankfully.

I started my career in pensions funnily enough, a SIPP provider.

 

[Mercenary Keyboard Warrior]

There's two fees you could be talking about, the application fee (normally £99ish) or the arrangement fee (can be anything from £100 to £10,000).

You don't have to pay a single penny to get the first stage of the application completed, called the 'Agreement In Principle' or 'Decision in Principle'. This stage includes affordibility and credit checking so IMO the most important stage.

Upon full application you need to pay the application or 'booking' fee. This normally not refundable unless the lender cocks up somewhere. But the only reasons for an application going sour at this point really, is a problem with the property when they value it, or you can't provide the evidence they request to back up what you've told them (payslips etc).

The arrangement fee is either paid on completion, or added to the loan.

Hope that helps.

Yes that helps thanks. I was trying to work out if the application fee would be required before or with credit check etc. Its a few years since I have taken out a mortgage and was just trying to get a feel for that part.

 

[Orch]

Good stuff

 

[DogsBody]

He doesn't sound very good at his job tbh.

Sometimes there are better deals online for direct clients, if that's the case, go for it (like you did )

I have no idea how good he is to be fair, first mortgage and therefore first encounter with the chap, he was recommended to me by a friend is the reason I approached him in the first place.

131k mortgage at 3.74% (I think) £679 a month 85% LTV. got £1000 cashback on the deal, and I seem to remember no fees to pay