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Fuming on the mortgage offer
tim_n
Posts: 1,607
Forumite
Rang the bank to rearrange my mortgage and was offered 1.69% with £999 arrangement fee (current fixed deal runs out in July) or a 1.99% with no arrangement fee.
As I wasn't near a computer I carefully explained my position that I want to pay it all off as soon as possible and I wanted the cheapest deal for the 2yr fixed term.
The mortgage guy came back and told me the £999 with 1.69% would be best for my circumstances.
Anyway, used the calculators to find I'd be about £632 worse off taking this option assuming I pay the £999 off the loan value instead!
Perhaps in future I need to take the banks advice and do the opposite...!
Granted at the end of the term I'd save £10k, but I'm planning to re mortgage again.
As I wasn't near a computer I carefully explained my position that I want to pay it all off as soon as possible and I wanted the cheapest deal for the 2yr fixed term.
The mortgage guy came back and told me the £999 with 1.69% would be best for my circumstances.
Anyway, used the calculators to find I'd be about £632 worse off taking this option assuming I pay the £999 off the loan value instead!
Perhaps in future I need to take the banks advice and do the opposite...!
Granted at the end of the term I'd save £10k, but I'm planning to re mortgage again.
Tim
0
Comments
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(it makes even more sense to leave the money in savings than paying the mortgage off as well)Tim0
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To be fair, they didn't know you're money savvy - so I take it this is praise for them trying to save you £10k?0
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Not really, I did make it quite clear I'd be re mortgaging in 2 years so I wanted the cheapest option for the fixed period!mattyprice4004 wrote: »To be fair, they didn't know you're money savvy - so I take it this is praise for them trying to save you £10k?
Anyway, no harm done, I've not signed and sent back the paperwork yet. But I do have to wait for the specific guy who set it up to ring me back or I've got to go through the questions all over again for 40 minutes.Tim0 -
If they cant offer you better - they know they are making some money out of you now you say you want to pay it off - then shop around I bet you will get a better deal and probably save more than 10KDont rock the boat
Dont rock the boat ,baby0 -
(it makes even more sense to leave the money in savings than paying the mortgage off as well)
Really ?? Kindly share the savings account that pays more than 2.5% as I'm itching to move my capital
Stuck on the carousel in Disneyland's Fantasyland
I live under a bridge in England
Been a member for ten years.
Retired in 2015 ( ill health ) Actuary for legal services.0
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