Remortgage grumblings

  • Story by: Anna Lawlor
  • Magazine: FinancialAdviser
  • Published Thursday , May 08, 2008

Call me stupid, but I thought that remortgaging was a simple matter of getting one lender to pay off the loan we already have against our home, and henceforth we stop repaying lender ‘A’ every month and start paying lender ‘B’ back instead.

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Silly, silly, silly. What actually happens is the nice bank that gave us our first loan - Northern Rock - causes a national scandal, a customer stampede and now legal action from shareholders.

I called a reputable broker (if I can’t find one while working for FA, we’re all doomed) and set out the criteria; 30-year loan, repayment, tracker, no/low arrangement fees.

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