Which fix is cheaper?

Gorgeous_George

I add the set up costs (to the loan amount) to make the comparison equal. You need to consider that you will have differing sums outstanding at the end of 5 years and there may well be release fees to consider.

Good luck with whatever you decide.

GG

kingstreet

Gorgeous_George wrote: »

I add the set up costs (to the loan amount) to make the comparison equal. You need to consider that you will have differing sums outstanding at the end of 5 years and there may well be release fees to consider.

Good luck with whatever you decide.

GG

The release fees are taken into account and if you add the fees to the loan where possible, it simply makes them worse over the longer term.

The ING deal wins in this case because there are no fees whatsoever.

PeteW

Unfortunately it seems that neither Yorkshire or ING are able to let me enough, I need just under 4x my salary which is more than their online calculators offer.

Seems silly really as I've been comfortably paying quite a bit more - mostly on a lower salary - for the last 3 years!

Northern Rock look like they should be OK though so will go with them. Looks like I should be able to get £273 cashback via http://www.moneybackmortgages.com/ too. Anyone any experience of them?

Thanks for all the help.

kingstreet

Is there a specific issue, such as the number of dependents you have or particular credit commitments?

YBS indicates a lending multiple of;

3.25 x sole or
3.25 x 1st + 1 x 2nd or
3 x joint.

Then;-

ING 4.5 x sole or
4.5 x 1st and 1 x 2nd or
4.5 x joint.

Are you struggling with the ING multiples? I'd phone them for clarification, if I were you.

PeteW

It looks like it's the 2 kids that's doing it. ING will only lend £94,166 with 2 dependants but £180k without!

Gorgeous_George

kingstreet wrote: »

The release fees are taken into account.

The release fees after 5 years with the new provider didn't seem to be included.

kingstreet wrote: »

and if you add the fees to the loan where possible, it simply makes them worse over the longer term.

But if you can afford the fees, why not subtract them from the other deals (and simply borrow less)?

GG

kingstreet

Gorgeous_George wrote: »

The release fees after 5 years with the new provider didn't seem to be included.

But if you can afford the fees, why not subtract them from the other deals (and simply borrow less)?

GG

If you look at post #9, there is only one exit fee at the end of the five years, £90 for Yorkshire BS. The other two have no exit fees.

The fees form a part of the cost comparison, so you simply add them to the total cost of the deal over five years. How you pay them is immaterial, although if you add them to the mortgage, the interest which would be payable would make the figures worse. I therefore add them to the mortgage payments over the five years and assume the OP will not add them to the mortgage.

kingstreet

PeteW wrote: »

It looks like it's the 2 kids that's doing it. ING will only lend £94,166 with 2 dependants but £180k without!

Phone them and discuss it. That is absolutely unbelievable.

PeteW

kingstreet wrote: »

Phone them and discuss it. That is absolutely unbelievable.

Will do, thanks.

PeteW

kingstreet wrote: »

Phone them and discuss it. That is absolutely unbelievable.

ING didn't budge sadly. Their sales guys just use the same web tool and there's no room for negotiation.

Will try with Yorkshire tomorrow.