MSE News: Mortgage rates at record low, and they may drop further

rich189

Do these figure add up?

Five-year fix. Accord (part of Yorkshire Building Society), 3.64%, 75%, £1,995 fee. Over the term, it would cost £46,320 on a typical £150,000 repayment mortgage if the fee is added to the loan.

Am I reading that right? Add £1995 tot he loan and over what I assume is a 25 year term the extra repayments would be £46,320?!?!

Decimal point in the wrong place?

JimmyTheWig

rich189 wrote: »

Am I reading that right? Add £1995 tot he loan and over what I assume is a 25 year term the extra repayments would be £46,320?!?!

Decimal point in the wrong place?

I believe the figure refers to the entire cost of the mortgage, not just the cost of the fee.

Consumerist

JimmyTheWig wrote: »

Yes, but that's true in many circumstances.

Sorry our efforts were of no value to you. Good luck with your search elsewhere.

JonnyTwoToes

I heard Martin Lewis on the Radio yesterday taking about this - I think he should clarify that FIXED RATES are a decent bargain but other mortgages (such as trackers) are highly inflated to what they were a few years ago.

First time buyers may misunderstand his point on this.