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Natwest Mortgage Decisions....
downs523
Posts: 866 Forumite
Good evening
i am after some mortgage advice, i know i should book an appointment with the bank but just looking for peoples opinions first. I can now remortgage with natwest and i have logged into my online mortgage account and viewed the available products. I want to have a 5 yr fixed deal and there are two which are listed below. One has a £995 fee the other doesn't. If picked, the fee will have to be added to the mortgage. We need to stay with Natwest due to no further credit checks and full application.
Does anyone know which is the better option?
outstanding mortgage £181,884.65
term remaining 28 years, 2 months
option 1
5 year fixed rate
monthly payment £771.85
initial rate 2.73%
initial rate expiry 30/11/2021
rate reverts to 3.75%
overall cost for comparison 3.5% APRC
product fee £995
option 2
5 year fixed rate
monthly payment £815.29
initial rate 3.18%
initial rate expiry 30/11/2021
rate reverts to 3.75%
overall cost for comparison 3.6% APRC
product fee £0
i am after some mortgage advice, i know i should book an appointment with the bank but just looking for peoples opinions first. I can now remortgage with natwest and i have logged into my online mortgage account and viewed the available products. I want to have a 5 yr fixed deal and there are two which are listed below. One has a £995 fee the other doesn't. If picked, the fee will have to be added to the mortgage. We need to stay with Natwest due to no further credit checks and full application.
Does anyone know which is the better option?
outstanding mortgage £181,884.65
term remaining 28 years, 2 months
option 1
5 year fixed rate
monthly payment £771.85
initial rate 2.73%
initial rate expiry 30/11/2021
rate reverts to 3.75%
overall cost for comparison 3.5% APRC
product fee £995
option 2
5 year fixed rate
monthly payment £815.29
initial rate 3.18%
initial rate expiry 30/11/2021
rate reverts to 3.75%
overall cost for comparison 3.6% APRC
product fee £0
0
Comments
-
Option 1 is the better option based purely on the facts above.0
-
I would personally go for option 1.:jFinally going to be a homeowner:T0
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My back of a fag packet calculation shows option 1 costing £1611.40 less over the 5 year period.0
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I have similar very circumstances and will be going for option 1.0
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For the benefit of future readers, you are looking for a customer retention product from your existing lender, not a remortgage.I can now remortgage with natwest
The latter is a new mortgage from a new lender to repay the old one and would be from a completely different product range.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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