Leaving TSB Mortgage - penalty free?

[43034]

In my daily browsing of reddit, I have come across the following post which says

https://old.reddit.com/r/UKPersonalFinance/comment...

Reddit said:

A heads up for anyone tied in to a TSB mortgage - you can leave penalty free in most circumstances

Maybe worth it if you can get a better deal elsewhere
TSB as a whole are in a bit of a mess at the minute and trying to reduce their mortgage book, hence allowing their customers to exit without penalty. I believe you may need to have a branch meeting and then they grant the permission on your account, may be worth a phone call to them

I took a 5yr fix (80% LTV 2.14% - Not the greatest deal but I was in a rush and TSB are my current acc providers) last year and can obviously better that now so I am tempted to have a go.

Has anyone heard similar / have any opinions?

Many thanks

[66Elan]

I know someone who remortgaged to TSB early this year and capital raised for an extension. They recently approached TSB for additional borrowing as the project was costing more than initially estimated. TSB confirmed they are not in a position to currently offer further advances but if the work on the extension had already started TSB 'may' consider waiving any redemption penalties if their only option was to remortgage away from TSB to fund the completion of the building work. If the building work has not commenced TSB would not agree as they do hope to be able to offer further advances shortly and they would have to wait.

[anonymous-user]

Are you definitely sure you can beat a 5 year fixed at 2.14% by the sort of margin to make it worth while. Don't forget to include and mortgage arrangement fees and possible legal costs in your figures.

[43034]

Joey Deacon said:

Are you definitely sure you can beat a 5 year fixed at 2.14% by the sort of margin to make it worth while. Don't forget to include and mortgage arrangement fees and possible legal costs in your figures.

Yes I rather foolishly forgot about product fees. I am down to about 68% LTV now but having had a better look and adding in fees, i'm not too sure it would be worth while!