Re-mortgaging

[birdieman]

Coming to the end of a 2 year fixed interest deal on a repayment mortgage. Am due to go to a variable rate of currently 3.99% from May.
Thinking I can do better than 3.99% in current economic gloom and would like to borrow a few grand more for a decent motor (shhhh dont tell bank) so have been looking into remortgaging but its difficult to know that if you get a better rate on a 2,3 or 5 year fixed interest mortgage with another lender is the arrangement fee of commonly between £800 and £1500 for moving worth it, sometimes combined with limitations on loan to value percentage and perhaps unseen conditions.

Suppose I'm interested to know does anyone regularly i.e. every 2 or 3 years, move their mortgage about? - is it worth the hassle and are there real savings to be made?

Ta

 

[PhilTheFragger]

So many variables here, if you have a small mortgage, then moving every couple of years isn't going to be worthwhile unless you can get a huge interest rate reduction as the fees will be high by comparison to a larger mortgage.

Loan to value is a big factor, if you are looking at 85% then it's going to be very difficult, 40% and it's a less risky proposition for the lender and you may have some scope for negotiation,, but it's all in the details of your specific circumstances

I'm lucky enough to have a lifetime tracker at stupid % over base, so have no desire to chop n change
I certainly don't expect interest rates to do anything for another couple of years

 

[Wolfman]

Sounds like an expensive way to buy a car, how many years ?
For the car i would go PCP for the mortgage just watch out for the arrangement fees etc

 

[Doon frae Troon]

Re-motrgaging is always a poor choice if it is used to buy something other than a house.