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Mortgage offer Ok?
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kremmen
Posts: 746 Forumite
I would appreciate some advice on the offer I have just had.
Some background.
I started an IVA about 6 years ago which ran fine until divorce about 4 years ago when I was unable to pay for a year 'till I sold my house and satisfied IVA.
At the time I had to go sub-prime and the penalty period is up next month so I was looking to save some money for 2 years when I should be able to release some income.
I am 50 and apparently the broker I approached has been able to get this quote from Bank of Scotland as follows.
£81K interest only over 12 years (longest they will do) on a property estimated at £160K..Tracker variable rate 4.49%.
fees arrangement fee £599
deeds dispatch fee £50
broker fee £295.
current monthy repayment for 1st 2 years would be £304.22 with no early repayment charges after the 2 years
This would save me about £80 per month on my current mortgage (which I really need to do).
What do you think?
Paul
ps...Let me know if you need any other details
Some background.
I started an IVA about 6 years ago which ran fine until divorce about 4 years ago when I was unable to pay for a year 'till I sold my house and satisfied IVA.
At the time I had to go sub-prime and the penalty period is up next month so I was looking to save some money for 2 years when I should be able to release some income.
I am 50 and apparently the broker I approached has been able to get this quote from Bank of Scotland as follows.
£81K interest only over 12 years (longest they will do) on a property estimated at £160K..Tracker variable rate 4.49%.
fees arrangement fee £599
deeds dispatch fee £50
broker fee £295.
current monthy repayment for 1st 2 years would be £304.22 with no early repayment charges after the 2 years
This would save me about £80 per month on my current mortgage (which I really need to do).
What do you think?
Paul
ps...Let me know if you need any other details
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