We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Which Rate is Better
nakiwala123
Posts: 235 Forumite
Hi everyone,
Please give me your views on these 2 rates. We already have an AIP from bank 1. Rate from bank 2 is from mortgage advisor.
Bank 1
LTV 95% at interest 5.49%
4 year fix then SVR currently at 3.99%
£499 product fee including booking fee £99
£1000 cashback after completion.
Free convenyancing (minus searches) from bank's panel
Bank 2
LTV 95% at interest 4.99%
5 year fix then SVR currently at 5.69%
£499 product fee including booking fee £199
I have to find and pay for convenyancing
Advisor fees £249
Thanks.
Please give me your views on these 2 rates. We already have an AIP from bank 1. Rate from bank 2 is from mortgage advisor.
Bank 1
LTV 95% at interest 5.49%
4 year fix then SVR currently at 3.99%
£499 product fee including booking fee £99
£1000 cashback after completion.
Free convenyancing (minus searches) from bank's panel
Bank 2
LTV 95% at interest 4.99%
5 year fix then SVR currently at 5.69%
£499 product fee including booking fee £199
I have to find and pay for convenyancing
Advisor fees £249
Thanks.
0
Comments
-
How big is the mortgage what term, without those no one can say.
max over payment without penalty
Long term how much can you overpay is it a new build how secure the jobs, any pay rises due.
remortgageing might be an issue.0 -
Is this a FTB mortgage or remortgage?Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
Hi getmore4less
How big is the mortgage what term, without those no one can say. Approximately £190k at 30 years
max over payment without penalty -10% of mortgage or a maximum of £500 a month
Long term how much can you overpay is it a new build how secure the jobs, any pay rises due. We plan on overpaying by £200 per month. It is not a new build. Jobs relatively secure and yes regular pay rises at approximately 3.5%.
remortgageing might be an issue. We hope to build some equity from the overpayments0 -
-
what are the advisor fees for bank 2?Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
Now this is the bit I'm weakest at understanding. Please see extract from KFI. Looks like the quote includes convenyancing?what are the advisor fees for bank 2?
Fees payable to Bank 2
Booking fee £199
Arrangement fee £300
Valuation fee £335
Telegraphic transfer fee £35
Deeds release fee £65
Sealing/final repayment fee £134
Other fees
Mortgage Arrangement Fee - £249.
xxxxxxxx Mortgage Arrangement Fee payable to xxxxx Mortgage Services. £99 of which will be collected on application with a further £150 payable when your mortgage contracts exchange.Both elements non refundable.
Legal fees - £120 payable to your conveyancer for acting on behalf of the lender, usually payable at the time the mortgage starts and non-refundable.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards