Costs of Remortgaging in the UK

The costs of remortgaging in the UK have increased in recent years. This is in part due to rising exit costs associated with transferring your mortgage from your existing lender to a new lender. For example the Alliance and Leicester has increased its exit fees from £90 to £150; The Halifax has more than doubled its exit fees from £55 to £125 in the past 10 years. However a new report by the FSA has revealed that they are going to compel mortgage lenders to explain and justify any increase in mortgage exit costs. There is also the possibility of them having to refund existing customers if it is proved they have been overcharging. This is good news for those looking to remortgage. However it is worth remembering that even with high exit costs the potential benefits from remortgaging could be siginficant. It is possible that exit costs could be redeemed within 4 months. See: Remortgage Guide

See also mortgage exit fees at money net



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