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Have I made the right decision with rates?
marbar2k
Posts: 238 Forumite
I am a first time buyer, I have been through a mortgage broker who found the best deal for me was Natwest 2 year fixed mortgage over 25 years. the property is £160k and I'm putting in £40k deposit.
The deal the adviser recommended was newest 3.15% fixed for 2 years with a product fee of £999 payments would be £578.46 fees paid upfront for £583.28 fees added to the mortgage.
While on the phone I got a bit bamboozled and I'm not sure if i have made the correct decision. The lady told me it works out cheaper for me to take a 2 year fix @ 3.49% with zero fees the payment is £600.1
She said this saves me £400 overall. I went with this, but I'm unsure now.
Have i done the right thing?
The deal the adviser recommended was newest 3.15% fixed for 2 years with a product fee of £999 payments would be £578.46 fees paid upfront for £583.28 fees added to the mortgage.
While on the phone I got a bit bamboozled and I'm not sure if i have made the correct decision. The lady told me it works out cheaper for me to take a 2 year fix @ 3.49% with zero fees the payment is £600.1
She said this saves me £400 overall. I went with this, but I'm unsure now.
Have i done the right thing?
Treat everyday as your last one on earth! and one day you will be right.
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Comments
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Which one did they recommend? The 3.15% or the 3.49%?
Sounds to me like the 2nd one was better, assuming they were both with the same lender and they were both fixed for 2 years.I am a Mortgage Adviser
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.0 -
second one 3.49Treat everyday as your last one on earth! and one day you will be right.0
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same lender both fixed for 2yearsTreat everyday as your last one on earth! and one day you will be right.0
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Can you find these on your sourcing system? I'm getting neither. Nothing on RBSIP either.Which one did they recommend? The 3.15% or the 3.49%?
Sounds to me like the 2nd one was better, assuming they were both with the same lender and they were both fixed for 2 years.
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 -
my mortgage advisor couldn't find them either. They are a branch only deal. they are on the natwest websiteTreat everyday as your last one on earth! and one day you will be right.0
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I have direct to lender products switched on.
They should show on Mortgage Brain, our expensive sourcing software, if they are available. There are loads of other direct products, like YBS, PO, HSBC all showing.
I've just looked on the NatWest site and I can see them there too.
Odd.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 -
i had the exact same before with my advisor, she even rang natwest to see if it was a live dealTreat everyday as your last one on earth! and one day you will be right.0
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By the way, it's a little short now, but the Barnsley BS 3.09% fix until 28/02/2014 is marginally better for you. The fees, which total £614 are balanced by a £500 cashback and leave you paying a total of just over £14k over the 2 years.
Follow-on rate is a bit more than NatWest though, so you're probably better sticking with that.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 -
thanks mate, when I sat back I have chose the correct rate....my head was spinning for a second thereTreat everyday as your last one on earth! and one day you will be right.0
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sorry mate, I left the office shortly after posting and am now sat watching Peppa Pig with my daughter and have no intention of turning the laptop on!kingstreet wrote: »Can you find these on your sourcing system? I'm getting neither. Nothing on RBSIP either.
I am a Mortgage Adviser
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.0
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