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Anyone with a post office mortgage?

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Comments

  • F_T_Buyer
    F_T_Buyer Posts: 1,139 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    neverdespairgirl wrote: »
    That seems an expensive thing to do, though? Borrowing an extra £1k over 25 years?

    There is another benefit of adding the fees to the mortgage. If the house sale falls through, you usually are not liable to the fees as you have not had the mortgage. Whereas, you may be liable if you chose to pay them separately.

    Separately, you can over-pay your mortgage with the post office (10% max, min £500) so to not pay any interest. - well, that's what I did!
  • devon45
    devon45 Posts: 12 Forumite
    F_T_Buyer wrote: »
    There is another benefit of adding the fees to the mortgage. If the house sale falls through, you usually are not liable to the fees as you have not had the mortgage. Whereas, you may be liable if you chose to pay them separately.

    Separately, you can over-pay your mortgage with the post office (10% max, min £500) so to not pay any interest. - well, that's what I did!
    Totally agree with you, i took out a Post Office mortgage earlier this year, had the fees added, everything sorted pretty quickly!
  • ILW
    ILW Posts: 18,333 Forumite
    Anyone with a post office mortgage?

    Didnt realise that many were buying post offices these days.
  • em-1986_2
    em-1986_2 Posts: 108 Forumite
    Ive just applied for a PO mortgage, had AIP and recieved call today saying the valuation will be carried out in the next 24/48 hours. Do i get a report or anything from this? Its all exciting! x
  • Batchy
    Batchy Posts: 1,632 Forumite
    em-1986 wrote: »
    Ive just applied for a PO mortgage, had AIP and recieved call today saying the valuation will be carried out in the next 24/48 hours. Do i get a report or anything from this? Its all exciting! x

    You will get a brief report which comes with the mortgage offer!

    Just check you got the new rates that come out thursday rather than the old rates pre thursday!

    Good luck! :-)

    I Just transfered my deposit today... that was a bit of a blow! lol
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    ILW wrote: »
    Anyone with a post office mortgage?

    Didnt realise that many were buying post offices these days.
    Well. they are in short supply.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • bOingball
    bOingball Posts: 45 Forumite
    I'm with Post Office / due to complete in 1 weeks time on my FTB house.
    9 Weeks in total from AIP / Offer / Gubbings / Offer of Loan / More Gubbings / ...

    They are good :money:
  • scriv
    scriv Posts: 94 Forumite
    Same experience here - the Post Office are really good to deal with.
  • wessexw
    wessexw Posts: 224 Forumite
    I've got exactly the same on a Clydesdale mortgage, they'll lend me x amount but as the arrangement fee is £999 they're actually going to hand me over only x-999 which means that I have to add 999 to my intended deposit money instead. It doesn't make much of a difference really as 999 has to be paid to somebody or other but I think it's a bit sneaky doing it this way and could catch some people unawares who haven't read the documentation properly.
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