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Santander Mortgage holiday - adding interest
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deegee1971 said:
And they will make money from the situation, because they have lent money / offered more flexible terms, which they will charge additional interest on. All seems like a great deal for the lenders0 -
‘ In essence they're not offering to anything more than lend more money with interest, which is what they do as a bank anyway (to make money)‘You’ve got it.
They are rolling up the interest on two months and deferring the capital repayment for 236 months.
If, at a later date you can overpay by two months your costs are back to square one.
Alternatives are:
Pay monthly as usual at no extra cost
Don't pay for a month or two and see your credit file dentedI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Can I just ask, as I have obviously misunderstood the explanation on their website, it’s only the interest that’s spread over the remaining term and the ‘holiday term’ added on to the end?I had read it that the payments would be spread over the remainder of your current deal and so left it at that. My deal is up in February 2021 so I was afraid to ask as I wouldn’t be able to afford the repayments if that was the case.Official DFW nerd no 551 - proud to be dealing with my debts
Debts as of March 2014
Nationwide - £5745, Overdraft - £350,
Debts as of January 2015
Nationwide - £4997, Overdraft - £0:j0
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