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rugbyref365
Posts: 6 Forumite
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0.2% off rate on £150,000 is worth £1,500 over five years which makes the fee product sound better mathematically.
There may of course be other reasons why the no fee product has been selected.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
amnblog's reasoning is sound. However, if you add the arrangement fee to the mortgage and then pay the interest over the next 17 years.................?0
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We have to explain the consequences of adding fees but is it any different to borrowing £999 more. Even the most naïve clients appreciate adding £999 more costs more.
Why borrow £150,000 if you can get away with £149,001?
Why add the fee if you have £999 cash?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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