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How does MSE calculate "MSE Total Cost" in the Mortgage Best Buys tool
bernieA
Posts: 13 Forumite
Hi I have been using the Mortgage Best Buys tool available from the First Time Buyers Mortgage guide to help choose a mortgage provider for my daughter. I can't understand how they calculate the "MSE Total cost" figure which is supposed to be the total cost of repayments and fees in the first 12 months.
Here is an example.
can you explain how the Mortgage Best Buys Tool calculates the MSE Total Cost figure? I do not understand it.
I have attached a result that I got from it. To summarise;
Purchase price = £95000
Deposit = £9500
LTV=90%
Result for M&S Bank 2 year variable FTB
Monthly repayment = £332
Total Fees = 0
MSE total cost = £3490 for first 12 months
FTB Cashback = upto £1000
12x332=3984
Did the tool spread the cashback over 2 years maybe
Here is an example.
can you explain how the Mortgage Best Buys Tool calculates the MSE Total Cost figure? I do not understand it.
I have attached a result that I got from it. To summarise;
Purchase price = £95000
Deposit = £9500
LTV=90%
Result for M&S Bank 2 year variable FTB
Monthly repayment = £332
Total Fees = 0
MSE total cost = £3490 for first 12 months
FTB Cashback = upto £1000
12x332=3984
Did the tool spread the cashback over 2 years maybe
0
Comments
-
If you click on the figure in the Total Cost column, it should give you a breakdown of the calculation.0
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