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Help with 'The One Account' - Mortgage Advisors comments required
yus786
Posts: 676 Forumite
Hi again
Been looking at moving from the One account to a more traditional fixed/variable type one.
Got a phone call from one of the mortgage consultants from the one account basically advising me to stay (obviously).
But the figures she quoted me were tooo good to be true and need some advice understanding them.
My property is worth 250K
My Facility is now 70K
But my balance (inc savings) is 50K
I did have 15.5 months left but have just changed this to 9 years. basically been told that on a 9 year term
Interest - £266 ish
Repayment - £349 ish
Total monthly - £615 ish
She then said if I overpaid by another £50 a month (i.e. left £50 more each month) - this would bring my term down to 7 years and 1 month !!! and a comparable rate of 4.6%.
I think she was quoting these figures from their SHRINKER and I've checked this myself and get similar figures.
Is this right?
If i paid about £700 each month - will i pay my mortgage (50k remaining) in around 7 years?
Many thanks in advance
Been looking at moving from the One account to a more traditional fixed/variable type one.
Got a phone call from one of the mortgage consultants from the one account basically advising me to stay (obviously).
But the figures she quoted me were tooo good to be true and need some advice understanding them.
My property is worth 250K
My Facility is now 70K
But my balance (inc savings) is 50K
I did have 15.5 months left but have just changed this to 9 years. basically been told that on a 9 year term
Interest - £266 ish
Repayment - £349 ish
Total monthly - £615 ish
She then said if I overpaid by another £50 a month (i.e. left £50 more each month) - this would bring my term down to 7 years and 1 month !!! and a comparable rate of 4.6%.
I think she was quoting these figures from their SHRINKER and I've checked this myself and get similar figures.
Is this right?
If i paid about £700 each month - will i pay my mortgage (50k remaining) in around 7 years?
Many thanks in advance
0
Comments
-
BUMP
ANyone???0 -
Sorry to get on bumping but i would really appreciate some advise please - especially from all you mortgage advisors out there.
THANKS0
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