Remortgaging - what would you do in the current climate?

[Quickenthetempo]

I am about to complete and have been advised by a friend to do this. Tbh even though I don't know the vendors I think this is a real xxxx's trick and I know how peed off I'd be if someone pulled this on me.

Will it bother you if you lost the house because of the low ball tactic?

[paulatky]

I’ve always searched the market when remortgaging and then I’ve gone to a broker to have a look. I have always used London and Country because they don’t charge (although I’m sure they do some how)

Relatively easy to do. All done over the phone and via email. They do offer a good service, always easy to contact to discuss things. The only thing they do try to push is life insurance via them. I assume that’s where they make a decent commission but I always sort my own out so never go through them for that

Give them a go. It’s free for them to do a search for you and to offer advise

Good to hear from you Inchy.
Hope you and yours are well and there is still evidence of the dreaded 2nd spike.
Miss your postings on the covid thread
Stay safe

[Alanstevensonsgloves]

Will it bother you if you lost the house because of the low ball tactic?

If I wouldn't be bothered, I am buying the wrong house! As I said, it's a c--ts trick and one it seems my friend has no problem with.

[Alanstevensonsgloves]

Even more peed off if you when you paid £20,000 than you needed to. It will happen in many chains and delay many sales. Those cash buyers and sellers with empty properties, ie no downward chain, will be in the best bargaining position.

So you are suggesting I follow my friends advice?

[Rileybobs]

So you are suggesting I follow my friends advice?

Are you selling your house, and if so would you be happy for your buyer to pull this stunt? Like you say it's shady and if someone pulled this on me I'd let the sale fall through.

[claretandy]

I think banks got wise to this, I've never seen a new mortgage tracker deal below 2%.

Lifetime tracker, no hassle, i've never had to re-mortgage, even ported it when we moved.

[Quickenthetempo]

If I wouldn't be bothered, I am buying the wrong house! As I said, it's a c--ts trick and one it seems my friend has no problem with.

I fully agree.

If someone tried it with me they wouldn't get my house.
That's why I asked.

[Loyalclaret]

I am about to complete and have been advised by a friend to do this. Tbh even though I don't know the vendors I think this is a real xxxx's trick and I know how peed off I'd be if someone pulled this on me.

We are about to complete on a property next week, has been suggested we should consider doing it but I wouldn't be happy if someone did it to me. We signed the paperwork this week and will go ahead.

Karma is a bitch*...


*or not real

[aggi]

I'm selling mine at the moment. A month or two ago I was pretty much at exchange and the person buying mine said they were going to pull out without a significant price reduction. I refused and it fell through. As it stands I now have another offer which is actually slightly higher than the previous one.

If they'd just gone for £5k or something I may well have accepted it. I wouldn't have been happy and I wouldn't have made any effort to be helpful from that point on but getting another buyer and going through it all again is hard work with no guarantees.

[Fretters]

Thought people might appreciate an update after my OP. Well, I'm switching from Natwest to Halifax on a 5 year fixed deal at 1.79%. And that's with us borrowing an extra £24k for some building work and a kitchen renovation. Really, really pleased.

For anyone looking to remortgage, I'd recommend going through Money Supermarket who then put you on to a firm in Bolton called Fluent who handle everything for you. Doesn't cost a thing as they get their fee from Money Supermarket, who get theirs from your new lender.

Thanks to all who gave me advice!