2 yr fix 1.69% with £499 booking fee OR 1.99% without the fee?

huki1977

I am about to change my mortgage product with Santander (I am currently with Santander and have no intention to change the provider as I get the cash back on 123 account) and need a bit of advice!

The best and lowest product is 2 yr fix at 1.69% which I am thinking of getting after researching online myself as well we speaking to a Santander morgate advisor. But this product comes with a whopping £499 booking fee!
I am intending to pay it off as a lum sum rather than putting onto my loan but IS THIS REALLY THE BEST OPTION?!

Also maybe I should wait until the election is over as it might all depends on who will be in the goverment?!?!

Thanks for your advice in advance.:)

x

TrickyDicky101

How big's the mortgage?

Foxy-Stoat_3

huki1977 wrote: »

The best and lowest product is 2 yr fix at 1.69% which I am thinking of getting after researching online myself as well we speaking to a Santander morgate advisor. But this product comes with a whopping £499 booking fee!
I am intending to pay it off as a lum sum rather than putting onto my loan but IS THIS REALLY THE BEST OPTION?!

Also maybe I should wait until the election is over as it might all depends on who will be in the goverment?!?!

Your Santander mortgage advisor will go through the figures with you, they will explain that they can offer a cheaper rate for the £499 fee and and how it will save/cost you over the 2 year fixed period.

I would not wait until the election is over if I had a chance to fix my mortgage at these rates.

kingstreet

Assuming 24 monthly payments, is the product with the fee £20.79 (or more) per month cheaper than the product without?

If yes, take the product with the fee.

If no, take the fee-free product.

£499 / 24 = £20.79.