Free £1000s Mortgage Loophole [CLOSED]

tagz

This is SO unfair. We would have benefited from this however we remortgaged last month!

RedOnRed

bluep wrote:

For example, it would work ok with our situation if we weren;t tied into a fixed rate for the next few years (as I think more and more people are now, given the unpredictability of interest rates v house prices in the future).

Yes, but you're tied in to an uncompetitive interest rate and high redemption penalties.

When doing the sums, it's worth mentioning all the fees and redemption penalties, which are kind of important.

I've had one of these products and know once you've spent the cashback the first thing you'll want to do is get out of it. They know that too and will charge you accordingly.

I wouldn't take this offer just on face value.

newmoneysaver_2

RedOnRed wrote:

I've had one of these products and know once you've spent the cashback the first thing you'll want to do is get out of it. They know that too and will charge you accordingly.

I wouldn't take this offer just on face value.

I think what martin is trying to get accross, is that to get a good deal you have to pay the cashback off your mortgage - in effect taking in down to a 3.77% discounted mortgage . However, I agree, if your going to take to cash back and spend it, it's not a good deal!

bigandy_3

I own my house mortgage-free and it's worth about £150k - I'm wondering if I should mortgage the house to get the cashback and then pay off all but a token amount of the loan on day 1. It's probably not worth the hassle?

peejay67

What is wrong with you people? Martin has pointed out a loophole in a mortgage offer, which he, in his experienced role as a money saving expert, has highlighted as a great deal. Anyone would think he was holding a gun to your heads telling you to remortgage. If it suits you go for it, youll benefit from his expertise, if it doesnt, dont. Its as simple as that.

PJ

littlemisscheap

http://forums.moneysavingexpert.com/showthread.html?t=88453&page=6&pp=10


Scr00ge has just pointed out that the deal has been withdrawn already - damn!

tin

Have to agree - you don't see people posting "what a crap offer, I don't happen to want one of those at this time" in shop but don't drop do you? 3.77% mortgages are on offer here !!!!!!!!!!!

sainthalo

Good work Martin and thanks for this site

noddy1_2

Great spot Martin - shame it went so quickly, but then I've got another 3 months to go before I'm free to remortgage. I have been dipping in and out of the mortgage forum in anticipation of finding a good deal.

Do you think that this type of deal may become more common in today's competitive market place? If so, having been tied into a deal for the last 6 years, I'm curious as to how quickly mortgages can be agreed these days. If anyone had read this thread yesterday, might they have been able to take advantage of it before it closed?

thanks
Steve

TKPeters

Shame about the funds running out

Thank you for your enquiry.

Unfortunately funds on this product are now exhausted. However, if you are still interested in arranging a mortgage with the Society - please check our Website for details of mortgage products still available on https://www.theloughborough.co.uk