#14
I am likely to stick with nationwide unless someone can advise otherwise



I am looking for 2yr fixed



Pros

- lots of products with them, including current account

- online banking means I see all that in one place

- no further checks I assume, good as I'm self employed (no income change)

- £250 cash back

- no £60 redemption fee for moving



The product I have offered

1.89%, £319 monthly

1.49%, £304 monthly, £999 fee



Which would be best, mathematically? 999/24= £41 per month extra, which I'd add to the debt.



Thinking the 1.89%.



Currently I'm on over 3% and paying £396, so nice saving



Other products were people like HSBC, Lloyd's etc which had monthly payments of 299-304£, but hefty fees from 749-999 etc, so no point

#15



I am likely to stick with nationwide unless someone can advise otherwise



I am looking for 2yr fixed



Pros

- lots of products with them, including current account

- online banking means I see all that in one place

- no further checks I assume, good as I'm self employed (no income change)

- £250 cash back

- no £60 redemption fee for moving



The product I have offered

1.89%, £319 monthly

1.49%, £304 monthly, £999 fee



Which would be best, mathematically? 999/24= £41 per month extra, which I'd add to the debt.



Thinking the 1.89%.



Currently I'm on over 3% and paying £396, so nice saving



Other products were people like HSBC, Lloyd's etc which had monthly payments of 299-304£, but hefty fees from 749-999 etc, so no point
Originally posted by catoutthebag


I haven't got time to do that maths right now, but I can tell you that if you add the fee to the mortgage you'll pay the fee (and interest on the fee) for the remainder of your full mortgage term (not the 24 months you calculated)



The increase in your monthly payment will therefore be very small, but over the next 20 odd years you'll end up paying more back due to the interest.



You may still find that the reduced interest rate means you'll be better off adding the fee to the mortgage.

#17



I haven't got time to do that maths right now, but I can tell you that if you add the fee to the mortgage you'll pay the fee (and interest on the fee) for the remainder of your full mortgage term (not the 24 months you calculated)



The increase in your monthly payment will therefore be very small, but over the next 20 odd years you'll end up paying more back due to the interest.



You may still find that the reduced interest rate means you'll be better off adding the fee to the mortgage.
Originally posted by Keezing


Ye I'm not keen on paying that 999 forever...Going down the 1.89% path I think...Have a telephone consultant with nationwide tomorrow to finalise

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