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Can someone look at my mortgage offer please?
Tembo_2
Posts: 19 Forumite
Morning,
I’ve found a 2.89% 2 yr. fixed, £499 arrangement fee with First Direct. No fee for overpayments, so I based this on £100k mortgage and £52k deposit. If I then want to shove more cash into it I shall, but for now that seems like the best deal for me. £383 home buyer report.
Only thing is bank says it will take 5 WEEKS to finalise! Seems a bit excessive to me, or is this a normal time frame?
What do you think?
Thanks.
I’ve found a 2.89% 2 yr. fixed, £499 arrangement fee with First Direct. No fee for overpayments, so I based this on £100k mortgage and £52k deposit. If I then want to shove more cash into it I shall, but for now that seems like the best deal for me. £383 home buyer report.
Only thing is bank says it will take 5 WEEKS to finalise! Seems a bit excessive to me, or is this a normal time frame?
What do you think?
Thanks.
0
Comments
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I think that a 2 year fix is pretty pointless. What happens after 2 years? In my opinion you might as well go for a tracker (especially as you have cash you could bung in if rates rise uncomfortably). I just took out FD lifetime tracker, 2.89% (2.39% above base), unlimited overpayments, £199 arrangement fee, free survey, 75%LTV.0
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Dannyboy has a point.
Its unlikely for the next year atleast if not longer that interest rates will rise and when they do it will probably be a lot slower than when they went down.
Nobody knows whaat will happen and if your happy with your deal then go with it.I am a Mortgage AdviserYou 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.0 -
Even if rates do rise a 2 year fix is no defence. You'll just get hit with it in 2 years time.
The way I see it, with a mortgage term of 25 years all mortgages are effectively trackers.0 -
Morning,
I’ve found a 2.89% 2 yr. fixed, £499 arrangement fee with First Direct. No fee for overpayments, so I based this on £100k mortgage and £52k deposit. If I then want to shove more cash into it I shall, but for now that seems like the best deal for me. £383 home buyer report.
Only thing is bank says it will take 5 WEEKS to finalise! Seems a bit excessive to me, or is this a normal time frame?
What do you think?
Thanks.
Agree on 2 year fix not being a good idea. I am not sure there are no overpayment fees hence it is a fixed mortgage0 -
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