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First time buyer
Ldar
Posts: 3 Newbie
Hello.
I’m a first time buyer and just looking to get information on the ‘average’ interest that you would pay on top of the actual mortgage lending from the bank.
For example, I have a potential mortgage illustration at the moment which shows I would be borrowing 56k, but total repayment over the 30 year term is 93k.
Interest rate is 1.5% for two years, then it goes to 3.94%.
How much interest in total would people generally pay, does this figure seem excessive?
How easy is it to shop around after the initial 2 year period?
Mortgage is from a high street bank by the wayZ
Thank you for the help.
I’m a first time buyer and just looking to get information on the ‘average’ interest that you would pay on top of the actual mortgage lending from the bank.
For example, I have a potential mortgage illustration at the moment which shows I would be borrowing 56k, but total repayment over the 30 year term is 93k.
Interest rate is 1.5% for two years, then it goes to 3.94%.
How much interest in total would people generally pay, does this figure seem excessive?
How easy is it to shop around after the initial 2 year period?
Mortgage is from a high street bank by the wayZ
Thank you for the help.
0
Comments
-
Don't forget that that 3.94% rate is their standard variable rate, which few woudl be on, most would remortgage to a new mortgage when the 2 years is up, ata lower rate.
It's as easy to shop around after 2 years as it was for you to shop around now.0
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