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The Great Escape
billa_champion
Posts: 226 Forumite
Just been offered a remortgage deal in principle with the Woolwich (The Great Escape) through London and Country
Situation is as follows:
Outstanding Balance: £186500
Property Value: £225000
LTV: ~82%
Current rate: 5.99% fixed until 30.04.2012
(No ERP after this date)
Monthly Payment: £1176
Woolwich’s Deal:
Rate offered: 3.98% fixed until 31.12.2013
No fees at all
£300 cashback
Monthly payments £960
ERP (if applicable): 3% + costs = max £5870
In short, what do you guys think? Does this look like a good deal? Is this the best I’ll get?
Thanks for looking/replying!!
Situation is as follows:
Outstanding Balance: £186500
Property Value: £225000
LTV: ~82%
Current rate: 5.99% fixed until 30.04.2012
(No ERP after this date)
Monthly Payment: £1176
Woolwich’s Deal:
Rate offered: 3.98% fixed until 31.12.2013
No fees at all
£300 cashback
Monthly payments £960
ERP (if applicable): 3% + costs = max £5870
In short, what do you guys think? Does this look like a good deal? Is this the best I’ll get?
Thanks for looking/replying!!
0
Comments
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One assumes you are not intending remortgaging until 30/4/12.
What is your current lenders SVR?0 -
Can you make overpayments on that mortgage in case you want to?
I'm on a 3.69% tracker, which I'm looking to remortgage next year. Interest rates will have to rise eventually.0 -
What's the follow-on rate for your current deal which ends soon?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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Can only say that I would be looking for a longer fix than 16 months, but these probably come with fees?0
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Can only say that I would be looking for a longer fix than 16 months, but these probably come with fees?
hmmm, you have a point there! I will get back to L&C and see what rates I can get for a longer fixed period.
When you say December 2013 now it seems a long way away but obviously the deal doesnt kick in until May 2012 which puts a different slant on things!!0 -
So, apart from the period issue (I've gone back to the broker to query this) do people generally think this is a good deal considering my LTV etc?0
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