Advice - Short term vs Long term

Thrugelmir

Nidgey_laa wrote: »

Foxy-Stoat wrote: »

Have you actually been offered the £90K mortgage at 4.05% with the draw down of equity for debt consolidation?QUOTE]


Yes i have been offered this but have not accepted until 100% sure, hence i thought of getting some advice off here first before making any confirmed decision. So i appreciate your feedback so far

Is this from your existing lender?

Nidgey_laa

Thrugelmir wrote: »

ERC's have been imposed on fixed rate products for many years. All perfectly legitimate as well. Be little point in offering a fixed rate product if all the benefits accrued to the borrower. The ERC is imposed on commercial grounds.

The ERC would have been clearly stated in the product literature, mortgage offer etc. People normally focus on the headline rate quoted and dismiss the detail as it's not relevant at the time.

Net result is you'll just have to work round the issue. As there's no grounds for complaint.

Thanks for the reply - but i'm not looking to complain and that is not the whole point of this thread. Fully aware of the ERC, but the mortgage advisor i had at the time did not make it clear how much it would be if i choose to pay early as an option. Hence being a little annoyed. (More frustrated)

Nidgey_laa

Thrugelmir wrote: »

Nidgey_laa wrote: »

Is this from your existing lender?

No from a different lender, but through a mortgage advisor.

Foxy-Stoat_3

Nidgey_laa wrote: »

Thanks for the reply - but i'm not looking to complain and that is not the whole point of this thread. Fully aware of the ERC, but the mortgage advisor i had at the time did not make it clear how much it would be if i choose to pay early as an option. Hence being a little annoyed. (More frustrated)

You would of received the information when you took out the fixed rate, mine was on the Key Facts document which quotes an approximate sliding scale of early settlement charges.

Nidgey_laa

Foxy-Stoat wrote: »

You would of received the information when you took out the fixed rate, mine was on the Key Facts document which quotes an approximate sliding scale of early settlement charges.

That is correct