Calling Martin - B&B are giving £1000!!

pr4w2b0y

Thanks for the Remortgaging guide Martin, just wondering what your thoughts are about this product.

Went for a mortgage review at the Bradford & Bingley Market Place - in short I recieved a hard sell on the following mortgage;

Lender: Birmingham Midshire

Fees: £300 valuation fee, £49 booking fee & £199 flat client fee that B&B charge.

Duration: 36 months, no hangs ons after this period, you are free to go elsewhere.

Rate: Fixed tracker 5.15%

incentives: £1000 cashback!!

So buy switching my mortgage I COULD make money, £452. Or is this too good to be true?

payless

"Calling Martin" - Martin rarely answers questions on the Mortgage board-
you could try and contact him direct, although if you would like my comments...

"Hard sell?" - are they offering you advice from the whole market?


what do you mean by fixed tracker?

I know they have a tracker at 5.15% (base plus .4%) which by the nature is a variable rate

is this it ?

http://www.bradford-bingley.co.uk/mortgages/wizard/productinfo.asp?lenderproductcode=API&bestbuytype=11

if so - depending on your circumstancers - if looking for a tracker rate - look around first , other lenders may have remtg products closer to base ( with incentives on swap costs) =- if so - over 3 yrs this means you could be be paying 1.2% extra

does this justify the cashback / fees in your case?

each case is individual and will depend on you needs & circumstances, so can't really say on these boards whether a particular deal is suitable or not

If you still like it- could be purchased online without the £199 fee ( although buying online would be classed as without advice- and therefore less comebacks)

pr4w2b0y

Hey Payless,

>Hard sell? - are they offering you advice from the whole market?

The man in the shop said the usual limited offer, only 15million allocated to this product, blah, blah, blah - I read something last year about B&B staff getting points for every product they sell? Advice from the market was ok BUT I do not want to pay any fees, my motivation for remortgaging is simple -Reduce monthly payments without incurring any cost.

>I know they have a tracker at 5.15% (base plus .4%) which by the nature is a variable rate.

A bit confused I thought trackers were glorified discounts rate??

True 36mths is a long time, I'm just questioning the cashback element will BM make it so the first mortgage payment is deferred ie collected with interest so in effect they get back the £452?