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Can someone please help me work out some figures??

Im going for a meeting at the woolwich tomorrow. Im interested in the tracker 3.24% with the £999 fee. Firstly, is the fee whacked on my mortgage (not a cheque or debit/credit payment with hard cash)??
Secondly, how do I work out roughly the monthly repayment and ultimately how long till I pay off the £999 fee??? Its a 35K mortgage.:confused:
:money: Saving money, saving the environment and saving space (aka decluttering) - my motto this year!

Comments

  • £35,999 over 25 years at 3.24% is £175.24.

    After 12.5 months you will owe £35K.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • wrenlegs
    wrenlegs Posts: 294 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    £35,999 over 25 years at 3.24% is £175.24.

    After 12.5 months you will owe £35K.

    GG



    Thanks GG. So it would be better to pay the fee upfront and try to overpay if I can. Great use of redundancy *groans*
    :money: Saving money, saving the environment and saving space (aka decluttering) - my motto this year!
  • As always, if you can invest the £999 at a rate (after tax) greater than 3.24% (your mortgage rate) then that is better. Otherwise, pay it up front.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
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