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Complete novice seeking advice..
Seagull_Rob
Posts: 14 Forumite
Hi there people.
I wonder if you could point me in the right direction here. I require your words of wisdom in relation to what to do next with my mortgage.
Here goes, I purchased a new-build flat in July 2010 for £99,950. Taking out a 70% mortgage with Melton Mowbray building society at the time. This particular mortgage account matures in July 2012.
So, do I take up one of their 2 offers:
Offer 1; A standard variable rate, currently 4.99% with a discount of 1.64% for the term of mortgage. Minimum term 5 years.
Offer 2; Same variable rate with discount of 1.8% for 36 months, followed by SVR for remaining term. Minimum term 5 years.
My other option is to do nothing or shop around I suppose.
What do you think I should go with? I am a Theatre Nurse who knows nothing about mortgages!!
Thanks very much.
I wonder if you could point me in the right direction here. I require your words of wisdom in relation to what to do next with my mortgage.
Here goes, I purchased a new-build flat in July 2010 for £99,950. Taking out a 70% mortgage with Melton Mowbray building society at the time. This particular mortgage account matures in July 2012.
So, do I take up one of their 2 offers:
Offer 1; A standard variable rate, currently 4.99% with a discount of 1.64% for the term of mortgage. Minimum term 5 years.
Offer 2; Same variable rate with discount of 1.8% for 36 months, followed by SVR for remaining term. Minimum term 5 years.
My other option is to do nothing or shop around I suppose.
What do you think I should go with? I am a Theatre Nurse who knows nothing about mortgages!!
Thanks very much.
0
Comments
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Offer 3. What interest rate does your current mortgage product default onto at the end of the term?0
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Are there any fees?
Both look very good, if you are looking long term, offer 1 is very good.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 -
SVR is 4.99%0
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