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4.84% 2yr fix By norwich & peterborough help.
1815VIL
Posts: 20 Forumite
spotted a 4.84% 2 yr fixed with norwich & peterborough building society.small fees from what i can tell just hopeing for a seond opinion on it if at all possible?after the 2yrs ends can you move to another rate or does it tie you in on a high rate?cheers
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Comments
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It has an extended overhang on to their variable rate, have a look here -
http://www.npbs.co.uk/intermediaries/pdf/Intermediary-Mortgage-Products.pdf0 -
After 2 years you can move to another product or remortgage - if you pay the redemption fee (5% year 3 reducing to 3% in year 5). If you don't pay the fee, you will be stuck on their SVR for 3 years after the end of the fix.
My opinion only, but a seriously bad option.
David0 -
And with N&P, because they have a new risk based scoring system, you may not necessarily get the rate you apply forI am a Mortgage AdviserYou 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.0
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Thats the trouble, there are a few of these too good to be true rates availible. The trick is getting accepted. You need a whiter than white credit rating and I'm not talking about the Experian/ect crap that everyone seems to think is what counts.0
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But its not too good to be true. You'll be stuffed by the 3 years SVR or 5/3% penaltyI 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.0
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