New mortgage deal - is 0.7% worth changing for?

[Onfire]

I’m going through the remortgage process at the moment to sign up for a 2 year fixed deal

Initially we have been offered 1.06% but I’ve spotted a new product that’s just been released from another lender at 0.99%

The process has already started for the 1.06% one so I’m wondering if changing to the 0.99% one would be worth it?

You can compare the monthly repayments, it really depends on the size of the mortgage. Also the cost of the mortgage, if the lower rate has a higher fee that may wipe out any savings.

Check product fee and ERCs, plus will the new lender pay legal fees?

When does your current deal expire?

It depends how much your mortgage is for, how long you intend to keep it for, the fees you'll pay, and whether the sum of the repayments and fees is less than the 1.06% deal... and if you think the total monetary benefit is worth your time and effort. Not much info to go on in your OP, impossible to say without any numbers...

You mean 0.07%, so £70 a year on a £100k mortgage. Like PP have said, you have to factor in fees. Also if the new deal is for five years rather than two it would be a no- brainer.

Isn't that 0.07? Or is your offer 1.6%

I don’t want to take a 5 year term

@NoWordForFluffy yes sorry that’s 0.07% difference in the two products

Fees are the same on both and otherwise terms are the same too

I'd check cost for legals, valuation, cash back. Have you checked all of the those?

@Discotech you’re right, I hadn’t compared the cash back on both these deals. The cash back on the slightly higher rate is more than the difference that would be paid for going by the cheaper rate so that’s answered that

get the calculator (or excel sheet) out.

last remortgage it was cheaper overall for us to stick with slightly higher percentage but lower set up fee if we chose to pay the set up fee in advance and not as part of the repayments.

@Onfire I know both of the deals you're talking about. So, I knew the cash made a difference in this case.