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Moving your mortgage - experiences?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Has anyone got experience of moving a mortgage to a different lender?

Did you save a lot? Are there any pitfalls to watch out for?

I'm asking for my other half who has had his mortgage for just over two years. It's currently offset against his savings, but he doesn't have any savings so it's pretty pointless having that arrangement. He's going to his bank tomorrow, but I just thought I'd ask here too.

Thanks!

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Crystal Tipps wrote: »
    Has anyone got experience of moving a mortgage to a different lender?

    Did you save a lot? Are there any pitfalls to watch out for?

    I'm asking for my other half who has had his mortgage for just over two years. It's currently offset against his savings, but he doesn't have any savings so it's pretty pointless having that arrangement. He's going to his bank tomorrow, but I just thought I'd ask here too.

    Thanks!

    You normally can find a cheaper product, just need to make sure there are no early repayment charges - which with an offset is unlikely.

    I'd speak to an IFA rather than your bank - just take full details of the current mortgage and make sure the IFA/broker doesn't charge a proc fee.

    Happy Shopping - I did a fixed at 4.4% last May for 5 years, so i'm made up :thumb:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm remortgaging at the moment, although out of necessity, not for savings, and can't recommend free, impartial advice enough.

    I've been dealing with London and Country (http://www.lcplc.co.uk/) and find them really helpful, but there are loads of other similar options out there.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I agree with DC85, speak to an IFA the banks are useless. We realised that after our first mortgage. You should spend time looking around, don't just jump at the first offer because it sounds good. www.mortgages2suitu.co.uk found us the best deal, but it really depends who you speak to. See if your friends or family have remortgaged recently, they can tell you where to go for advice in your area. Hope you don't have the hassle we did.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hi Ian,

    This is a "dead" thread - the last post made was nearly a year ago. Check out the Good Manners Guide for tips on nettiquete.

    Stick around, it's a nice place.

    Hope you enjoy your time on the boards :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Oh, had forgotten all about this!

    Has reminded me I've not yet answered your PM tho, GWST. Will do shortly (it's not good news!).
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Ack, sorry to hear that chuck. I'll await your PM.
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