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Mortgage offer.
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GhostDog_2
Posts: 239 Forumite
Received our mortgage offer from the Woolwich this morning and planning to go full steam ahead to try and be into our new home for Christmas. However, on closer inspection....
The fees (£595) which we'd asked to be added to our loan are now being requested upfront.
On 27.10.06 the AIP stated the mortgage would cost us £1.86 for every £ borrowed.
Today's offer states it will cost us £1.90!
Overall, the newer offer will cost us an additional £2336.27p! :mad: :mad:
My question is.....Is it better to pay the fees upfront (despite the fact that money is tight right now) or is it ok to add them to the loan...? And if we decide to pursue adding them to the loan....will we need to wait days for the new mortgage offer? Each day is critical here as we need at least 2 weeks to do some work on the house before we can move in.
Anyone got any useful thoughts?
The fees (£595) which we'd asked to be added to our loan are now being requested upfront.
On 27.10.06 the AIP stated the mortgage would cost us £1.86 for every £ borrowed.
Today's offer states it will cost us £1.90!
Overall, the newer offer will cost us an additional £2336.27p! :mad: :mad:
My question is.....Is it better to pay the fees upfront (despite the fact that money is tight right now) or is it ok to add them to the loan...? And if we decide to pursue adding them to the loan....will we need to wait days for the new mortgage offer? Each day is critical here as we need at least 2 weeks to do some work on the house before we can move in.
Anyone got any useful thoughts?
0
Comments
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well done in getting your mortage offer!* unfortunately with the recent bank rate raise you will be paying an additional 0.25 on top your orriginal aip application. If you have available funds to cover your fees for the mortgage application of 595 then pay them - you wont pay any additional interest on that . . . . but if you dont have it readily available then add the fees to your mortgage loan. wont make a hughe difference in the long run. think carefull - bank rates could raise again soon - so if you think you can afford this mortgage - go for it if you have a have fixed rate. rates will prob go up again soon so go for it!***0
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Thanks Wiggle :beer:
Thankfully we've opted for 5yrs fixed rate
Think I'll contact the mortgage company on Monday morning and add the fees.....that £595 could be really useful right now :rolleyes:0 -
I would keep mithering the hell out of them and ensure they have everything required. I recently went with the woolwich and had no end of problems and it took an age.
In the end i got £450 compensation from them for the delays but the stress and hassles was tremendous.
Fingers crossed for you0
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