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Selling on tracker mortgage
Comments
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foxy-stoat wrote: »Why would you want to pay another £999 to be in a product for a few months, makes no sense.
The no-fee option has higher interest rate and therefore higher monthly mortgage payments.
Compared to paying £999 upfront:- Adding the £999 to the mortgage increases the monthly payment by £3.
- Choosing the no-fee option increases the monthly payment by around £40 per month.
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So you'd take 25 months to break even? I thought this was just to tide you over for a few months?The no-fee option has higher interest rate and therefore higher monthly mortgage payments.
Compared to paying £999 upfront:- Adding the £999 to the mortgage increases the monthly payment by £3.
- Choosing the no-fee option increases the monthly payment by around £40 per month.
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So you'd take 25 months to break even? I thought this was just to tide you over for a few months?
Yes it's just to tide me over for a few months. That's why I'm trying to minimise the monthly payments.
How does choosing the £999 product fee (added to the mortgage) impact my plan?
Am I missing something here? Thanks.
Martin0 -
Divide £999 by the £37 = 27
No point in saving £37 a month for say 6 months and paying £999 for it.
You are missing something.0 -
foxy-stoat wrote: »Divide £999 by the £37 = 27
No point in saving £37 a month for say 6 months and paying £999 for it.
You are missing something.
Well, that was embarrassing...
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Thanks everyone!0
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