Mortgage Fees added to mortgage!

janninew

Hi
I wondered if anybody can help me please?

I have recently applied for a mortgage with the Woolwich and i've just had my offer through the post. Whe i applied i asked my broker to ask the Woolwich if the mortgage application fee of 999.00 could be added to the mortgage. He said he would do this. The loan amount is 60,000.00 so the money being lent by the Woolwich would be 60,999.00 in total.

When checking my offer this morning i noticed that the fee had not been added on to the mortgage, so the money being sent to my solicitor would be short 999.00.

I have called the Woolwich who will add the mortgage fee to the offer and send me another mortgage offer with my details updated.

The question i want to know is how much will this add to my monthly repayments?

The mortgage is a fixed rate (4.29%) for the next 2 years and the monthly payment at the moment (with no fee added) is 276.73 per month. I'm a little concerned as i'm stretched pretty tight at the moment and will need to change my budget depending on what the new monthly payment is going to be.

Any ideas would be greatly appreciated.
Thanks
Janninew

_Andy_

Hi

If you give the lender a call they will confirm, or you could search for an online mortgage calculator (eg the BBC one) to get an idea.

THRIFTY_GIRL

probably about £5 a month at most. Without knowing what the term is, calculated as an extra £1 per £60 is £4.61 to be precise....

HTH

PasturesNew

£3.57 interest
£1.86 repayment if you left it on the mortgage and repay it over the next 25 years

janninew

Thanks for the information!

Sorry i should have put that the term is 35 years. I asked the Woolwich what my new payment would be, but she couldn't tell me! She told me i would have to wait for a revised mortgage offer to be sent out which will take 7 days.

Mrs_Bumble

Have a play with the mortgage calculator, I quite like this one

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

The revised offer will show you what the total cost over the complete term will be with the fee added to the loan and also the new monthly payment amount.

My advice would be to overpay what you can each month to make the effect neglible.

TheMiner

Don't want to hijack the thread, but I'm intending tp overpay until my fixed rate is up in three years. Is there a calculator which will tell me what I have outstanding then?

Mortgage £89,250
rate 6.03%
Monthly £582 (fee added)
Overpay £500 (as soon as other property sells)

Mrs_Bumble

TheMiner wrote: »

Don't want to hijack the thread, but I'm intending tp overpay until my fixed rate is up in three years. Is there a calculator which will tell me what I have outstanding then?

Mortgage £89,250
rate 6.03%
Monthly £582 (fee added)
Overpay £500 (as soon as other property sells)

I quite like this one http://whatmortgage.co.uk/calculators/fleximortgage.html but there are a few out there.