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Is this a good deal?
ilsonreject
Posts: 33 Forumite
I've been offered an initial rate of 2.25% above base rate for 5 years after which goes onto their standard rate. £99 setup fee and no early repayment charges. Am putting down a 25% deposit.
That's on the condition I switch my current account to them too.
I appreciate there are risks if the base rate goes up but based on the current market is this a competitive deal?
Tried to do amateur research into it but am tieing myself up in knots!
That's on the condition I switch my current account to them too.
I appreciate there are risks if the base rate goes up but based on the current market is this a competitive deal?
Tried to do amateur research into it but am tieing myself up in knots!
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Comments
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tradeseeker reported as spam0
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Not spam at all. Why would I be spamming for a firm with a branch on every high street?
I've edited the original post to remove the name of the firm offering the mortgage.
Could any kind soul give me their opinion on this mortgage? I'm fine with the risks involved with potential rising interest rates but just want to know if this is a competitive deal compared to what else is out there.0 -
So initial rate = 2.25 or 2.25 + .5 at 2.75?
I think First Direct do an offset which would be cheaper, and you could possibly lock in for a 5 year fix for just over a % more with the current leader in mortgages - name escapes me!
What's the fee if you want to leave the deal? Should you be with them for say a year then a blisteringly good deal suddenly emerges with a rival bank?Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Tradeseeker was a spambot and its posts have now been removed. Unfortunately, Yorkie's posts are still here!
I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Purchase or remortgage?ilsonreject wrote: »I've been offered an initial rate of 2.25% above base rate for 5 years after which goes onto their standard rate. £99 setup fee and no early repayment charges. Am putting down a 25% deposit.
That's on the condition I switch my current account to them too.
I appreciate there are risks if the base rate goes up but based on the current market is this a competitive deal?
Tried to do amateur research into it but am tieing myself up in knots!
Income multiple needed?
How many dependents?
Amount you need to borrow?
Without narrowing it down a bit, it's a bit of a big job!
I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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