Did I get screwed on mortgage?
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PineapplLove
Posts: 6 Forumite
Hey Guys
I had a confusing conversation with nationwide yesterday and just want to check I got the best deal.
So I was offered the below and I picked the 2 year fixed Fee
I'm a bit confused as to how she came to the conclusion that it's a better deal though...Sort of just trusted her in the end but afraid I got done by a shyster
So this forum wont let me post a picture of the statement but here's the info...
The fee was £999
I had a confusing conversation with nationwide yesterday and just want to check I got the best deal.
So I was offered the below and I picked the 2 year fixed Fee
I'm a bit confused as to how she came to the conclusion that it's a better deal though...Sort of just trusted her in the end but afraid I got done by a shyster
So this forum wont let me post a picture of the statement but here's the info...
The fee was £999
2 Year fixed (no fee)
2 year fixed (add to loan)
Initial Interest rate
1.99%
1.59%
Initial Monthly payment
£770.11
£771.14 (+£1.40)
Product term TAP
£18,756.71
££18,734.21(-£22.50)
End of deal Balance
£145,015.94
£144,790.86 (-£225.08)
Overall Position
£6,272.64
£6,025.07 (-£247.57)
Mortgage Term TAP
£225,225.90
£221,887.85
0
Comments
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PineapplLove wrote: »Hey Guys
I had a confusing conversation with nationwide yesterday and just want to check I got the best deal.
So I was offered the below and I picked the 2 year fixed Fee
I'm a bit confused as to how she came to the conclusion that it's a better deal though...Sort of just trusted her in the end but afraid I got done by a shyster
So this forum wont let me post a picture of the statement but here's the info...
The fee was £9992 Year fixed (no fee)2 year fixed (add to loan)Initial Interest rate1.99%1.59%Initial Monthly payment£770.11£771.14 (+£1.40)Product term TAP£18,756.71££18,734.21(-£22.50)End of deal Balance£145,015.94£144,790.86 (-£225.08)Overall Position£6,272.64£6,025.07 (-£247.57)Mortgage Term TAP£225,225.90£221,887.85
There's not a lot in it but by taking the 2 year fix with the fee you will end up paying £22.50 less than if you took the other product. You will also end up with a smaller mortgage balance i.e. will have paid off more capital, by taking the 2 year fix with the fee. A whole £225.08 more.0 -
Well you pay an extra £33.60 over the 2 yrs (24x£1.40) and end up owing £225.08 less so you are £191.48 better off.0
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OK thanks all0
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The overall position also means that even with adding £999 fee to the loan, you will have paid less than the higher no fee interest rate. Nothing wrong with this advice at all.0
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