Product fee at remortgage

kezzygirl

Morning 

Like many, and per my previous posts, our mortgage is due for renewal with nationwide.  

Our options are fee free,
 £999 upfront (which means a lower rate and monthly repayment- but we don't have 999) £861 a month at 4.19%

 or adding the 999 to the loan for £861 a month 4.19%

No fee works out £875 a month at 4.39% adding
£293 over the term by adding the fee to the loan, but would this be wise? Adding another £999 to an already large mortgage? 
I should say this is for a five year fix. 
Apologies for all of the posts, I'm a bit jittery about how much this is all going to cost and want the best deal

kezzygirl

thyhis is whay is available 

amnblog

How much do you currently owe on your mortgage?

kezzygirl

amnblog said:

How much do you currently owe on your mortgage?

137000 on one- rate expiring 28th Feb 
67000 on the other- rate expiring 31st may

kezzygirl

amnblog said:

How much do you currently owe on your mortgage?

I should add that the above rate offer is for the 137000

BikingBud

 5 yr fix without fee > Total Payable £27347 and 3 yr fix > Total Payable £17730 doesn't work for me

£875*60 = £52,500 and
£888*36 = £31,968 

I might be missing something somewhere but can you confirm the workings on the lower screen please. 

Hoenir

Not just the monthly outgoing that matters. Also the amount that you owe when the fixed term ends. 

kezzygirl

BikingBud said:

 5 yr fix without fee > Total Payable £27347 and 3 yr fix > Total Payable £17730 doesn't work for me

£875*60 = £52,500 and
£888*36 = £31,968 

I might be missing something somewhere but can you confirm the workings on the lower screen please. 

Not sure what you mean the workings on the lower screen, I clicked on the no fee and it wasn't showing 

kezzygirl

BikingBud said:

 5 yr fix without fee > Total Payable £27347 and 3 yr fix > Total Payable £17730 doesn't work for me

£875*60 = £52,500 and
£888*36 = £31,968 

I might be missing something somewhere but can you confirm the workings on the lower screen please. 

The interest rate is lower for the 3 yrs than 5 due to the 5 obvisouly having an extra 2 yrs

BikingBud

Perhaps I am missing something is this just interest?

Otherwise the total amount payable should be = Monthly payment * number of months (3*12) or (5*12)

£883*3*12=£31,788.00 not £17730 and 
£875*5*12=£52,500.00 not £27347

So what about the capital repayment? 

When you review the Nationwide on line you get the following:



Your illustrations do not include the total paid and therefore the reduction in the size of your loan.

And you can get better information from the site to compare the cost over 5 years:
v

kezzygirl

What I have added is purely the interest alone, with or without product fee