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Remortgage - Product Fee or Not?
Mr_Mister
Posts: 447 Forumite
Hi
My existing fixed Mortgage with Virgin is expiring soon and I am looking to remortgage with Virgin again.
They are offering the following 5 Year Fixed Deals but not sure if to go with the one with less interest rate but a Product Fee as the difference appears minimal.
Sorry I am not good at maths.
Thanks
Approx mortgage remaining : £210K
My existing fixed Mortgage with Virgin is expiring soon and I am looking to remortgage with Virgin again.
They are offering the following 5 Year Fixed Deals but not sure if to go with the one with less interest rate but a Product Fee as the difference appears minimal.
Sorry I am not good at maths.
Thanks
Approx mortgage remaining : £210K
5 Year Fixed
1.35%
Product Fee: £995
Monthly Payment: £952
Or
Or
1.37%
Product Fee: None
Monthly Payment: £950
0
Comments
-
@mr_mister The exact numbers depend on the term/monthly payment but at a loan size of 210k and the 0.02% difference in rate, the 1.37% no-fee product is likely to be cheaper overall over 5 years.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
1 -
The difference in rate is worth about £42 per annum so £210 over the 5 years.
You would not pay £995 to save £210
To put your mind at rest have a Broker advise you and transact this switch for you.I 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.1
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