22 Foxhole East

f0xh0les

I have been offered a £0 set up fee at 1.79% for 3 or 5 years through a subsiduary of the coop. Some bank called Pl4tform. Have looked at reviews and it says customer service is 2/5 and online account management 1/5. I know the coop has been in trouble for a while.

But, if we were to need to move, it is a 5% fee in the first year, a 4% fee in the second year etc. I know we would not move in the middle of a GCSE or A level course for the kids, but that takes us to either 3 or 5 years, so that is no help either! I am thinking 5 years is best, but I cannot get my head around agreeing to stay anywhere for another 5 years. It makes me feel trapped (yeah, I know I sound daft). In another 5 years I will be 50. How can I possibly be 50 in 5 years? that is flippin' ridiculous!! Basically, this is all stupidly grown up, in my head I can cope with a 2 year fix, rationally I know 3 years is fine, probably better than the 2 years, but five years is like half a decade! I think I might be commitment phobic.

And now I am getting chase-me emails and texts to try and hurry me along (they work on commission, I know it, you know it, Martin Lewis knows it). But I have to do this, and I have to do this soon as the election is coming, and lets face it, the bank sent me 2 letters this week to say my savings interest was going down to 0.1% on my accounts, and dh got a letter from his bank saying his overdraft faciilty would charge 39% if he uses it next year . Thank all the gods he never uses it now! So I am just feeling pressured to get this right, as I remember 15% mortgage rates. Basically I am being rubbish. It is all terribly grown up and I feel like I am selling my soul to Santa.

crazy_cat_lady

I have that same letter from my bank as well - about the overdraft. It has made me wonder what the point is of overdrafts at all if the interest rate is the same for arranged and unarranged overdrafts? But I am poorly at the moment so maybe haven't read it through properly and there is more to it. I do occasionally dip into the interest free bit of my overdraft, which apparently isn't changing but it's on my list for when I'm feeling better.
No idea what to say about the mortgage - it's something else I don't understand well. Looks like you have some good advice there though.

PurpleFairy26

Can you not ask them what the best deal is that doesn’t have a fee for porting the mortgage mid fixed term? I ditched them when I found them horribly aggressive and the muppet applied for a mortgage which we agreed to but then we got rejected as it didn’t allow you to have a second property. Which he knew we had and should never have applied for it. We didn’t know that was one of the criteria. After numerous phone calls each day about yet another great deal, I binned them and did it myself in 20 minutes and got a better deal.

apple_muncher

If 5 yrs brings stress, then go for 3. All the numbers suggested all sound good - and I've only really had an offset mortgage which is just awesome - so it is down to how it affects you. I vote for 3 x

trix-a-belle

f0xh0les wrote: »

But, if we were to need to move, it is a 5% fee in the first year, a 4% fee in the second year etc.

are you sure? https://www.platform.co.uk/mortgage-intermediaries/existing-customers/porting-of-mortgage/index
they would definitely be in the minority if they apply early repayment fees to port a product

badmemory

Is there any difference in the overpaying terms? We are probably due to enter a period of financial uncertainty (understatement there). So a longer fix may help get through that & at least partly out the other side. We may have bailed the banks out 11 yrs ago but don't make the mistake of thinking they will return the complement. I too remember over 15% interest rates. If the banks find someone prepared to buy repossessed property for a reasonable (as in at least what they are owed) then they will go back to repossessing property & they will boost the interest rates to make it more viable. Banks are just usurers in modern dress. The only reason they didn't repossess a lot of property back then was that they couldn't get their money back & it would have made their accounts look even dodgier than they already were.


As an aside, a lot of the banks new overdraft fees are actually cheaper than the flat rate charges they are doing now. MSE had an article some months ago that said that some payday loans (providing you stuck to the T & Cs) were actually cheaper than a bank overdraft.

f0xh0les

The Spanish bank (secret internal memo- don't ask can't tell-) have decided that repossession is simply not an option due to Brex1t related misery. Interest only and other deals will be offered as standard,and payment holidays will be offered, but repossessions are to absolutely be avoided.

O/Ps are limited to 10% of the balance as of the annual date of taking the product.

The 5%/4% etc fee is for early repayment not if we port. Sorry, must not have explained myself.
So, last night I rejected their offer. I will not Co-0perate with that bank again. I hated being a dissatified customer of theirs.

Luckily we are no longer overdraft users. But psychologically it is a buffer that I liked, as my daft bank takes out dd's first before crediting my account. So on bills going out day after a weekend, I can have £1500 coming in, £400 going out, but I still get text pings to tell me I am close to my overdraft, in my overdraft, am exceeding my overdraft, but still get my £2 bribe every month for not using my overdraft. Daft!! So must remember to keep some money in there on weekend paydays.

f0xh0les

Oh crap, I am so embarrassed!!
The doorbell rang, so I went to see who it was, and the post man was there, smiling, and said 'ah! it's you!' and seemed quite chatty today, as he tried to scan a packet, and could not, as some of the qr thing was wrapped over itself. So after about 4 attempts I told him to hand it over, and I very quickly peeled it back with my nails, so that he could scan it, he said I must be good with my hands, he complimented me on my nails, and my knee length boots, winked, then handed me back the black plastic wrapped packet with a very cheery 'have a lovely afternoon now!!' and a quick chuckle.

So I looked at the label, saw it was for dh, gave it a quick squeeze and thought OMG what the flippity flip is THAT! Good grief! It felt like an Anne Summers special! only thinner, then I thought, Good Grief!! Surely not!

And then I remembered he had said to save money he wanted to drain his hydraulic brake system ( without taking all 4 wheels off ) so had ordered himself a turkey baster. Which obviously would not normally be needed in our house. Then I remembered the flirty cheerful postman. Who was amused before I even opened the door. So I assume I am the talk of the sorting office, because, with hindsight, and by the look on the postman's face, they had come up with some ideas that most certainly did not include a turkey baster!

greenbee

I'm pretty sure that if it is what they thought, it would have been sent in a discreet cardboard box!

However, I think you can probably get a lot of mileage out of this... time to start dressing up for the postman and fluttering your eyelashes at him. At least it should ensure that your post doesn't go missing!

f0xh0les

Well a very lightly bubble-wrapped turkey baster in shrink wrapped black plastic was enough to raise my eyebrows!

Dh came home, gave it a fondle and shrieked 'OMG well you can't blame the poor postman for thinking that!':rotfl:.
Spreading that festive cheer! One sorting office at a time. No wonder it took over a week to get here.