Hi - We are comming to the end of a 3 yr Fixed mortgage with the Nationwide in July. On receiving a letter from them outlining the great deals they have for retaining existing customers we went in for a consultation on Friday past. We were extremely deflated to say the least as firstly no matter what our mortgage will increase and the best deals they could offer us was a 3 yr fixed deal with a £599 arrangement fee ( to arrange what exactly? we are existing customers?) or a no fee tracker tied in for 5 long years. After we said we would like to do some comparison on moneysupermarket we were also advised that if we do decide to go with a different lender we will be charged a £90 fee for leaving them? are we unreasonable in thinking that this is totally unfair as we will have completed the term requirements set by the lender?

Any help, suggestions or known decent mortgage deals at present would be greatly appreciated as I feel like a duck out of water when it comes to financial matters unfortunately!

Our home is currently worth £400.000 and we would like to borrow £88,000 over 20-22 yrs approx?

Many many thanks in advance

Jen

The £90 fee to leave will have been set out at the time you took out the mortgage and compared with alot of other lenders is quite cheap. The £599 fee is part of the pricing of the product i.e if they didn't charge you the fee the rate would be higher and once again compared with most other lenders the fee is quite low!

If you are to re-mortgage elsewhere you will have to take into account the cost in changing lenders (unless you get a fee free package) which include legal work, valuation fees, TT fees etc...

Thanks for your response

Cheers

Jenny