Remortgage - 5.49%!

Miss_Penny_Pincher_2

Was hoping for some views on this rate...

I haven't checked around to see if it's a good offer yet. But it's 5.49% fixed for 5 years with no fees at all! I was asking the broker the names of all the fees I could remember in case it was disguised as a different name e.g. arrangement, legal, survey, valuation, exit, early redemption, deed release fee... but apparently there are no fees!

The mortgage allows 10% annual overpayment and there don't appear to be any catches but they won't give me Key Facts Illustration until January which will be 3 months before my current fix ends so just have to wait and hope it isn't withdrawn before then!

Does anybody know if this deal can be beaten? We have a low LTV and good credit ratings.

herbiesjp

5.49% fixed with absolutely no fees...... hmmmmmmmmm

And they willl not give you an illustration....... hmmmmmmmmm


If the deal is around now surely they can give you an illustration? If they don't want to give you an illustration then personally I would not trust them.

Would they want to charge you a fee as well?

Dan_Collins_2

That product will not be about in Jan, if he is recommending that product he has to provide you with a KFI. I think that they are winding you up!

5.63% for 5 years with a £499 fee no legals or Val is about the best that I have seen but I have not looked that hard!

I would call him and tell him to prove it, if he is good enough at his job then he has nothing to fear!

Miss_Penny_Pincher_2

herbiesjp wrote: »

5.49% fixed with absolutely no fees...... hmmmmmmmmm

And they willl not give you an illustration....... hmmmmmmmmm


If the deal is around now surely they can give you an illustration? If they don't want to give you an illustration then personally I would not trust them.

Would they want to charge you a fee as well?

thank you for your reply - sorry didn't notice this had posted! wonder if the 2 threads can be merged? I find the no fee possibly too good to be true. I did find it a bit irritating that they wouldn't provide KFI but I know the rate is genuine. Just makes me wonder if there are hidden catches really.

Miss_Penny_Pincher_2

Dan_Collins wrote: »

That product will not be about in Jan, if he is recommending that product he has to provide you with a KFI. I think that they are winding you up!

5.63% for 5 years with a £499 fee no legals or Val is about the best that I have seen but I have not looked that hard!

I would call him and tell him to prove it, if he is good enough at his job then he has nothing to fear!

thanks for your post too dan and for the 5.63%. I suppose I will just have to keep fingers crossed that the product will still be available I guess.

the product is genuine - here is the link:

http://www.yourbankrbs.co.uk/products/mortgages/100_percent/index.aspx

It's an employee only one but doesn't provide much detail though which was why I was hoping for the KFI in case the product isn't quite right.

Dan_Collins_2

Use other thread for this post then ppl!

herbiesjp

Dan_Collins wrote: »

Use other thread for this post then ppl!

Yes mum - naturally I posted on the the thread that was posted first :rotfl:

KTF

Are you an RBS employee and (I may be wrong here) isnt there a tax implication of taking out an employee only mortgage if you work for them as its classed as a 'perk'?

Miss_Penny_Pincher_2

Hi again KTF - no I'm not an RBS employee but Mr Pincher is and he'd rather I arrange our mortgage as figures bore him! RBS were happy to speak to me about the mortgage though - they just asked for him to give his ID details first etc.

I'd be interested to know if there is a tax implication! Does anybody know? They didn't mention that at all on the phone. I will definitely ask them about that in January if I don't find out before.

payless

read http://forums.moneysavingexpert.com/showthread.html?t=425612

Miss_Penny_Pincher_2

Thanks payless - that thread was really helpful especially the post by silvercar! i need to do some sums methinks!