1st mortgage - early repayment charge

catoutthebag

I have called 2 brokers and they cannot match direct only deals!

I have a 10% deposit and loughborough seems cheapest.

My query before I proceed:

This is a fixed 2 year deal. If I switch after 2 years, I only pay an exit fee, and no other penalty - correct?

If I moved house under 2 years, I pay an early repayment charge. For lougborough this is 2% between years 1-2. Does this mean that it's 2% of the starting mortgage amount between months 12 and 24? And what about under years 1? Since that isn't specified?

Other lenders on this comparison site says 'not applicable' for ERC...does this mean there is no penalty? That can't be the case?

thank you

kingstreet

catoutthebag wrote: »

I have called 2 brokers and they cannot match direct only deals!

We aren't here to save you 0.1%. The job is a bit more involved than that. Thankfully.

I have a 10% deposit and loughborough seems cheapest.

I'm sure you do and I'm sure they are.

This is a fixed 2 year deal. If I switch after 2 years, I only pay an exit fee, and no other penalty - correct?

If that's what section ten/eleven of your key facts illustration says...

If I moved house under 2 years, I pay an early repayment charge. For lougborough this is 2% between years 1-2. Does this mean that it's 2% of the starting mortgage amount between months 12 and 24? And what about under years 1? Since that isn't specified?

Section 10 of key facts illustration again. Could be 2%/2% or 2%/1% or it could be something else.

Other lenders on this comparison site says 'not applicable' for ERC...does this mean there is no penalty? That can't be the case?

Sorry. No idea what site you are referring to.

As you are obviously proficient at finding the right deal for your needs, I'm sure you can figure out which is the right route for you. No need for broker assistance, as none of us can beat your Loughborough deal. It's just a shame you can't get the answers to your questions the same way. Direct.

Had a bad day and not really in the mood, so good luck and hope you get what you need.

catoutthebag

kingstreet wrote: »

We aren't here to save you 0.1%. The job is a bit more involved than that. Thankfully.


I'm sure you do and I'm sure they are.


If that's what section ten/eleven of your key facts illustration says...


Section 10 of key facts illustration again. Could be 2%/2% or 2%/1% or it could be something else.


Sorry. No idea what site you are referring to.

As you are obviously proficient at finding the right deal for your needs, I'm sure you can figure out which is the right route for you. No need for broker assistance, as none of us can beat your Loughborough deal. It's just a shame you can't get the answers to your questions the same way. Direct.

Had a bad day and not really in the mood, so good luck and hope you get what you need.

I don't care for your bad day, not my problem, and perhaps you should avoid the internet and my basic query on this thread, during one of your 'turns'.

catoutthebag

Actually that was harsh. Sorry

I'm sure your job is more involved and getting several hundred pounds commission to speed things up and chase things, etc.

But, sorry, lenders do direct deals that YOU simply cannot compete with. Fact.

Brokers are giving my repayment figures of £50/month higher than direct deals. That's £1200 wasted going through a broker, for what? A slightly smoother/quicker transition? And then paying you 300-500 for the proviledge? No thanks.

amnblog

Your theory works only if you choose the right Lender and the Lender you choose chooses you.


(By the way, I don't believe Loughborough have a two year fixed rate with 10% deposit.)

Let_Us_See

You pay, or don't pay a broker, it is your choice. However, you still have queries you don't understand.

Whilst advisers are happy to provide generic advice, don't expect them to provide specific advice.

catoutthebag

amnblog wrote: »

Your theory works only if you choose the right Lender and the Lender you choose chooses you.


(By the way, I don't believe Loughborough have a two year fixed rate with 10% deposit.)

sorry its a discounted variable

DpchMd

catoutthebag wrote: »

sorry its a discounted variable

Do you understand what that is?

haras_nosirrah

Are you comparing a discounted variable with other discounted variables or against a fixed rate?

If you are comparing the variable against the fixed rate and saying it is cheaper you are probably right ... For now

If the base rate goes up you may feel differently

kingstreet

catoutthebag wrote: »

I don't care for your bad day, not my problem, and perhaps you should avoid the internet and my basic query on this thread, during one of your 'turns'.

No probs.

I'll keep out of your threads in future.

catoutthebag

DpchMd wrote: »

Do you understand what that is?

Yes. Do you understand what it is or should you require explanation?