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!
Mortgage offer advice
benh8
Posts: 5 Forumite
Hi
We've had our house offer accepted and we're now looking at the two mortgage options London and Country have recommended for a two-year fixed rate.
Behind door number one is Bank of Ireland at 2.83% with no product fees, a free basic survey and £400 cashback.
Option two is HSBC with 1.99%, then £1700 in fees.
I get the feeling BoI have thrown the £400 cashback in to gazzump HSBC, as L&C advise that BoI will be £400 cheaper over the two years.
Is it as clear-cut a decision as going for the £400 cheaper one, or should we be gunning for the lower interest (we'd budgeted for product fees anyway)?
Thanks
Ben
We've had our house offer accepted and we're now looking at the two mortgage options London and Country have recommended for a two-year fixed rate.
Behind door number one is Bank of Ireland at 2.83% with no product fees, a free basic survey and £400 cashback.
Option two is HSBC with 1.99%, then £1700 in fees.
I get the feeling BoI have thrown the £400 cashback in to gazzump HSBC, as L&C advise that BoI will be £400 cheaper over the two years.
Is it as clear-cut a decision as going for the £400 cheaper one, or should we be gunning for the lower interest (we'd budgeted for product fees anyway)?
Thanks
Ben
0
Comments
-
If the extra interest over two years is greater than £2100, I'd take HSBC's option. If it was the same, I'd probably take HSBCs offer if I thought they'd be more likely to have a mortgage deal I'd want in two years time.0
-
What about other benefits?
Do either allow overpayments ? Repayment holidays?
What rate do they revert to after initial 2 year fix?Current Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.8K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.3K Work, Benefits & Business
- 606K Mortgages, Homes & Bills
- 179K Life & Family
- 263.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards