Switching mortgage

[fairlyaverage]

Am torn between two year deal with Santander or staying with existing provider - NatWest. The best NatWest can offer me costs me £21 more per month in mortgage payments than Santander. However I would have to have all relevant financial and credit checks to switch to Santander.

I feel like just sticking with NatWest for the sake of £21 extra per month and avoiding aggro. Anyone tell me who they think is a better provider - Santander or NatWest?

Yes. Switching costs approx 500 to pay advisor. And sticking with NatWest but new product costs 500 fee. If they didn't charge that fee to switch would make difference. Don't understand why it's needed. No credit checks required etc

Sorry I mean fee to stick with NatWest different product. Don't understand why that's needed. But gather that's how they make money against low interest rates. Santander 1.64 percent. NatWest 1.99 percent.

What LTV have you got? There's probably better deals available with other providers, no fees (apart from valuation but that won't be £500)

Ltv is around 69 percent. I was told I would get better deals with NatWest at the 60 percent range. But in the 70 percent range at present.

Have you factored in valuer and solicitor fees if you switch to another lender? We've just moved lenders and although the valuers fees were included it cost us £600 in solicitor fees.

I don't think there will be valuers or solicitors fees. At least the mortgage adviser (from Countrywide) hasn't mentioned such fees. I've never re mortgaged before so a bit inexperienced. Adviser saying no fees at all to switch lender apart from his fee.

Why are you using a broker? If it's just a straight forward remortgage, apply direct. Use mse and money supermarket for general advice and to compare rates.

Thatstoast Yes I did have a go at applying online with Santander myself but struggled with the process. The broker reckoned the deal was only available to him too. I gather that having two kids at nursery with nursery fees may put a lot of lenders off too but some don't take this into account. The broker was making out that my options were limited.

That's not correct OP. Any lender taking on a new mortgage will want to value the property to check it has adequate security and there will definitely need to be solicitor involvement to ensure the charge is properly created / registered. It simply can't happen without that. The fees may be covered by the lender as part of the mortgage deal, but you need to check.

Namechanged yes, I have just become aware that solicitors and valuers fees would be involved. But the adviser was clear in our initial meeting that no other fees apart from his would apply.

I remain tempted to stay with NatWest. I wish that lenders would do more for their existing customers though. I spoke to admittedly what was their call centre and they couldn't tell me any benefits whatsoever of remaining with them. They just mentioned their online portal presumably as something to say. Perhaps other lenders do more for existing customers I don't know. Just seems to be all about getting new customers.