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Re-mortgage help please...
shopping_addict
Posts: 62 Forumite
Hi,
This is probably a stupid question so please be kind as I have no clue when it comes to things like this!
My mortgage deal with the Halifax has ended and im now on their 3.99% rate so im looking to switch to a better deal if possible.
Im currently looking at these 2 deals from tesco:
1) 2 year tracker initial 1.29%, reverts to 4.24% £995 fees
2) 2 year tracker initial 1.75%, reverts to 4.24% £0 fee
Monthly payments for product 1) are £14 less per month than product 2).....so over the 2 years thats £336 less. So why would anybody choose product 1) with a £995 fee? Am i looking at this too simply?
Any advice would be greatly appreciated!
This is probably a stupid question so please be kind as I have no clue when it comes to things like this!
My mortgage deal with the Halifax has ended and im now on their 3.99% rate so im looking to switch to a better deal if possible.
Im currently looking at these 2 deals from tesco:
1) 2 year tracker initial 1.29%, reverts to 4.24% £995 fees
2) 2 year tracker initial 1.75%, reverts to 4.24% £0 fee
Monthly payments for product 1) are £14 less per month than product 2).....so over the 2 years thats £336 less. So why would anybody choose product 1) with a £995 fee? Am i looking at this too simply?
Any advice would be greatly appreciated!
0
Comments
-
Because, not everyone has a £36,500 mortgage balance.
If you owed £200,000 it would make sense to take the rate with the fee.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 -
Oh a £36,500 mortgage balance would be lovely I agree.
Thanks for your input
0
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