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Which member has the worst mortgage?

gazter
gazter Posts: 931 Forumite
Tenth Anniversary Combo Breaker
in Mortgages & endowments
Just reading about the eye watering good mortgage rates that some borrowers achieved when banks forgot to remember that mortgage rates can drop as well as rise.

So what's the worst? Who has the worst mortgage, sometimes its not all about interest rates, it might be some absurd early repayment charges, or mortgage fees?

Comments

  • Ronaldo_Mconaldo
    Ronaldo_Mconaldo Posts: 5,197 Forumite
    I'll start: when we bought our house 5 years ago so right in the middle of the credit crunch, we took out a loan for £118k for a house valued at £150k and the rate was 5.83% - with a £500 fee attached.

    We have just remortgaged it to 3.49% with no fee.
  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I have seen a client on a 10 year fix with 5 years to go at 6.99%.... he didnt want to pay £2k ERC in order to save £250 a month AND knock 9 years off his mortgage!
    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.
  • gazter
    gazter Posts: 931 Forumite
    Tenth Anniversary Combo Breaker
    ACG wrote: »
    I have seen a client on a 10 year fix with 5 years to go at 6.99%.... he didnt want to pay £2k ERC in order to save £250 a month AND knock 9 years off his mortgage!

    Did you feel a desire to bang your head against the wall?
This discussion has been closed.
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