which mortgage? halifax rip off?

bigadaj

bankhater_1965 wrote: »

every financail institution so far has been found guilty of rip offs either fees,ppi selling now the libor and more to follow , you are all tyed to the same brush arnt you , all these are ok if charged and are applied in a fair way which has been proven otherwise by either a bank or broker with a loan mortgage and so on , facts
and your comment does not support otherwise

Well you can't argue with that logic, because there isn't any.

bankhater_1965

bigadaj wrote: »

Well you can't argue with that logic, because there isn't any.

you dont seem to read posts do you from yesterday !! id rather you pass my comments bye as you have no constructive answers to disagree

cv65user

Thrugelmir wrote: »

How much unsecured debt do you owe?

none . no credit card or finance on car . , just student loans goes out about 30 a month ., £3-4k left to pay .

and pension also about 30 a month.

cv65user

Burridge60 wrote: »

Just to add more confusion maybe the benefits of an Offset mortgage need to be looked. I am sure everyone recognises that our financial needs and objectives change over time and this might be one way to benefit from overpayment whilst also retaining access to an emergency fund and the ability to use the funds again should they be required.

Yes i saw natwest offset at svr 4% but you can only have 80% LTV. I have 100k deposit and need 80k mortgage.

Am I better off putting down £100k deposit , so I will have £80k mortgage outstanding , but I would have only 10k savings (minus solicitor fees, etc) left over to offset against plus incoming salary I am to save about £500 per month.

Or am I better borrowing 180k and using my 100k savings to offset this . Obviously I would be charged 4% on £80k mortgage?


Edit however i cannot borrow the full 100 % LTV mortgage , the any given max is 80% so I would put down 40k on a 180k house and have (40k deposit - 100k savings) 60000 to use to offset it against

our monthly mortgage payment (including any overpayment you specified) will be £910

With offsetting Without offsetting
Years to pay off mortgage 13 years and 8 months 18 years
Total amount paid £148,591 £196,619
Equivalent interest rate 0.7 % 4%

cv65user

Can someone help me make a decision. They are all 80k mortgage over 20 years. fixed for 2 years.

Offer A
Rate 2.64%
26 monthly instalments * £429.51 = £11,167.26
213 monthly instalments * £476.69 = £101,534.97
1 monthly instalments * £477.70 = £477.70
however there are fees
fee 1999
completion fee 30
valuation fee 173
so pay back 115381.93

Offer B
Rate 3.59%
26 monthly instalments * £467.84 = £12,163.84
213 monthly instalments * £480.94 = £102,440.22
1 monthly instalments * £480.22 = £480.22
no fees, so payback= £115,084.28

Offer C
Rate 3.29%
26 monthly instalments * £455.53 = £11,843.78
213monthly instalments * £479.62 = £102,159.06
1 monthly instalments * £480.86 = £480.86
fee =1999
completion fee= 30
valuation fee= 173
payback = £115,285.70


I am thinking offer b, rate at 3.59 is the best for me? Although highest rate, the no fees mean even paying for fees to have the priviledge of a lower rate does not justify it?
As well as in first 26 months i am paying back just over 12k which is more then any of the other offers meaning after my 2 year fixed deal I will have a less mortgage to pay off?

The way I worked it out was offer b first 26monthly payment of £467.84
minus offer a first 26monthly payment of £429.51 shows a difference of £38.33 so * 24 months (fixed deal length) = £919.92 so basically I am paying an extra 919 fees for deal A ?