Remortgage Fees It's Always A Good Idea To Pay
Remortgaging offers lots of benefits
Remortgaging offers lots of benefits. You can also take advantage of low rate fixed or tracker deals and you can take the opportunity to borrow additional cash to consolidate debts or to improve your home. And, of course, remortgaging can help you to save money on your mortgage repayments.Saving money would, in theory, not only involve reducing your mortgage repayments but also avoiding significant fees and charges to switch your home loan from one lender to another. However, in some instances it can actually be beneficial for you to pay some fees to remortgage. Our guide explains the occasions where paying charges might actually benefit you.
Pay a fee for a better deal: Lots of lenders sell their remortgage products on a 'fees free' basis. This means that they don't charge any application or arrangement fee for the discount or fixed rate product they are offering. Other lenders do charge fees for their remortgage deals. If you are comparing remortgages it's worth taking both the interest rate and fees into account as products with fees are often offer lower rates.
This is because the interest rate is often higher on a fees free deal, than on those where you may pay a few hundred pounds in arrangement fees, which would actually save your more money over the long term. The difference can often be 0.5% or 1%, which is a huge difference over a term of 20 years.
Go for the best deal, not the best remortgage deal: Lots of lenders offer a 'remortgage package' with their deals. This means that they will meet the valuation and legal costs incurred in your remortgage. However, there are instances when you would be better off meeting the costs of the survey and paying your solicitor in order to take advantage of a particularly competitive remortgage rate.
Looking at the above example, let's imagine there was a 4.5% fixed rate deal for five years. In this version you have to pay the costs yourself. The lower rate would deliver a saving to you of an additional GBP 3,750 over five years. This is such a saving that even if we factor in a valuation fee (at GBP 400) and the legal fees (at GBP 350) you would still save considerable sums of money.
Paying a broker: The job of an independent mortgage broker is to search the market to find the most appropriate mortgage deal for your needs. Brokers often have access to lenders that you would not be able to approach directly and can offer 'exclusive' deals not available on the High Street. So, employing a broker might actually help you find a much better remortgage deal.
Even though some mortgage brokers charge a fee for their services; you could still end up better off. Whatever remortgage deal they find for you, they will also have saved you time in sorting out your remortgage.
Paying early repayment charges: 'Early repayment charges' are levied by your existing mortgage lender for repaying your loan early - typically whilst you are still benefiting from a discounted or fixed rate. However, it can sometimes be worth paying early repayment charges if the savings you will make by remortgaging onto a better deal outweigh these.
Early repayment charges can be difficult to calculate and can sometimes run into several thousand pounds. Deciding whether to pay early repayment charges to remortgage can be tough and you should consider carefully whether this is the best course of action.
by: Howard Ogollegos
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