We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Should I Stay or Should I Go? Santander vs First Direct
MrJanuszJasinski
Posts: 5 Forumite
Summary
However, I was looking first direct's 2 years fixed rate over 4 years at 1.99% for £434 a month, this would be for £20k and not £38k.
I have tried to get a straight answer from both but still a bit confused.
Would I be able to get a mortgage from First Direct for £20k over 4 years and then pay Santander £18k on the 3rd September (not to incur any fees)?
Has anyone any advice or experience with this sort of thing? I basically want to know if I change mortgage providers, can I pay off a lump sum to my existing mortgage provider to lower the mortgage amount at new provider? Specifically at Santander in this case.
- Currently with Santander
- 7 years left but can change deal now with current deal ending 2nd September
- Offered 2 year fixed rate at 2.59%
- To change term of mortgage, it would take 4 weeks so they can't tell me what rates/monthly cost would be now. It'll also cost £75 to change.
- I have £38k to pay off. I have £18k saved. Meaning I would like to have a mortgage of £20k left. That's what the above figure is based on
However, I was looking first direct's 2 years fixed rate over 4 years at 1.99% for £434 a month, this would be for £20k and not £38k.
I have tried to get a straight answer from both but still a bit confused.
Would I be able to get a mortgage from First Direct for £20k over 4 years and then pay Santander £18k on the 3rd September (not to incur any fees)?
Has anyone any advice or experience with this sort of thing? I basically want to know if I change mortgage providers, can I pay off a lump sum to my existing mortgage provider to lower the mortgage amount at new provider? Specifically at Santander in this case.
0
Comments
-
Is it rude to bump?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards