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Check your numbers they look like the 30 year term not 25
Purchase price 210k
deposit 31,500k
income 44,500k
Borrowing £178500
25y
@ 3.84% £927pm
@ 3.64% £907pm
30y
@ 3.84% £836pm
@ 3.64% £816pm
The saving taking into account the £200 fee is £312
What are the follow on rates for each that is a critical piece of information in deciding.0 -
getmore4less wrote: »Check your numbers they look like the 30 year term not 25
Purchase price 210k
deposit 31,500k
income 44,500k
Borrowing £178500
25y
@ 3.84% £927pm
@ 3.64% £907pm
30y
@ 3.84% £836pm
@ 3.64% £816pm
My figures were differnt actually, I was just wondering why the brokers were different to mine??
So basically they are offering a mortgsge that i cant have as its for existing customrs only and they put the info at over 30 yrs when we told them 25??
What a joke!!0 -
5.35 for Norwich and 3.99 PO (or it says 3.49 above base rate?)0
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Both look to be over 30years.0
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Looks to have been some crossed wires at the very least!
If you are not happy with the broker you could find another one. As long as you have not paid up front you have nothing to lose.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I could have revealed the lender but didn't as I do not know your circumstances. Not helpful to you to be given details for a lender you may not fit for.
You could go back to the broker and tell him what you know now. They may have another option for youI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
5.35 for Norwich and 3.99 PO (or it says 3.49 above base rate?)
No brainer for £300 extra you get a much better followon rate should you need to stay on the same deal, which can and has happened to a lot of people.
85% LTV and prices may drop so this is a potential risk for you
after 2 years the ballance will be £171,400 so around 82% not a lot of room.0 -
Its not really a no brainer as, as said above they have offered a mortgage for which I don't qualify?? I said that when I have looked into it it clearly states its for exisiting current account holders only?
In regards to amount outstanding I have used the mortgage overpayment calc and we will be over paying approx 250 a month for first 2 years, we also expect the odd gift payment from family that will be approx 1500 maybe once a year0
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