LBG staff mortgage

mrbg07546

Hi.

The staff mortgage closes for applications 1st jan 2020.

I’m currently with nationwide and if I start the mortgage after April 2020 I pay 2.5 k penalty fee. And April 2021 the mortgage contracts end with nationwide.

1) could I start the mortgage in April 2020 if I do the application before in December 2019? Or even start in April 2021(which means waiting a 15 months for mortgage?

2) I am paying 40 percent tax and and our Staff mortgage up to 200k. And the other 50k would be in standard rate(as I will have 250k mortgage left at that point) I get a extra 155 pound tax a month? Does this sound correct ? And if so is it worth it

Edi81

I think there is a calculator on the intranet or hive. If you are a higher rate tax payer it’s not always worth it and you may be better with a fixed rate deal.

I used to have an LBG staff mortgage and was paying about£200 extra tax a month as higher rate.