How Does This Mortgage Sound?

WSO

Our figures were very similar when we got our quote in Sept last year, we were FTBs only we wanted 100% of £96,000 over 25 years - took a repayment for 5.49% over 3 years.

The first house we went for fell through 2 months later and we were asked by various mortgage advisors to "cut our quote" - but it seems that the words "HSBC", "graduate", "100%" and "mortgage" when used together are rarely beaten (at least by the other 2 advisors we went to)... but for completeness they ran the figures anyway and the best was about 6.29%, OH said it was wasn't all that much of a difference... untill he did the sums! :eek:

If you go for the mortgage, I would have to re-iterate and say pay off the extra if you can. We went for the repayment mortgage because we could and didn't like the idea of still owing the same amount after the 3 years. The difference between repayment and interest only wasn't enough to make it worthwhile each month, besides it means we will have more LTV when we come to remortgage, and judging by the rates we were quoted while "playing about", 5% difference at the top end can add as much as 1% on rates... and that is a very big difference given the scale and term of the typical mortgage.

pozalina

YorkshireBoy wrote:

Are you saying you'd turn down a 4.25% deal?

I think meanmachine was talking about 4.5% deposit, not interest rate. I had to read it three times myself before I got it tho!

Poz

MarkyMarkD

No, it meant what YB thinks it meant.