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Bruce Banner

Leeds Building Society Offering 0% Mortgages

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For safety you could put it into NS&I, however when the government devalue sterling 30% to cover the bailouts you will lost that anyway.

Better off putting the money into a more stable medium of exchange.

New Zealand Dollar's don't look bad and you can earn up to 5.65% (5 year) from Rabbo.

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For safety you could put it into NS&I, however when the government devalue sterling 30% to cover the bailouts you will lost that anyway.

Better off putting the money into a more stable medium of exchange.

New Zealand Dollar's don't look bad and you can earn up to 5.65% (5 year) from Rabbo.

We already have a substantial sum in NS&I at 3.9% until January 2016. We also have some in Euros, because that is a currency we use frequently. The rest is spread around various ISAs and Sterling savings accounts. 90% of it can be moved instantly, should we so wish.

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Are they in trouble? Doing a Co-Op?

My thought was...if they are not in trouble now, if they are doing this sort of deal they might well be in the future...panic early is my moto.

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http://www.theguardian.com/money/2014/may/07/leeds-building-society-zero-percent-help-to-buy-mortgages-barratt

I'm now actively looking for an alternative home for the £50K I have in one of their savings accounts.

Edit: £20K can go into our ISAs on 1st July, that just leaves £30K.

silly...these are deferred interest mortgages, so they are MORE profitable than if they didnt use the enticement

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It's 0% interest for 3-6 months before a higher rate is applied. Presumably the idea is that it allows the buyers a bit of breathing space to buy furnishings and fixtures before every penny of their disposable income is taken up on mortgage repayments.

Of course, if you can't afford to do those things on top of paying your mortgage, then you're going to be royally rubber ducked when your car breaks down, the boiler dies, the missus gets up the duff etc etc, but hey, I'm sure the MMR checks will make sure everything is just peachy.

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silly...these are deferred interest mortgages, so they are MORE profitable than if they didnt use the enticement

Most punters don't seem to know the difference, it's just the headline figure they see.

It's not concern over the safety of my money, which is well below the FSCS guarantee limit for one institution, rather not wanting my money to be used to provide 0% headline mortgages.

Edited by Bruce Banner

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It's 0% interest for 3-6 months before a higher rate is applied. Presumably the idea is that it allows the buyers a bit of breathing space to buy furnishings and fixtures before every penny of their disposable income is taken up on mortgage repayments.

Of course, if you can't afford to do those things on top of paying your mortgage, then you're going to be royally rubber ducked when your car breaks down, the boiler dies, the missus gets up the duff etc etc, but hey, I'm sure the MMR checks will make sure everything is just peachy.

Where's that Star wars photo? it's a trap!

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Most punters don't seem to know the difference, it's just the headline figure they see.

It's not concern over the safety of my money, which is well below the FSCS guarantee limit for one institution, rather not wanting my money to be used to provide 0% headline mortgages.

the best form of protest is to withdraw...I agree.

However, as these banks dont actually need us anymore, well, you may as well get the best rate where you can.

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I guess it's not too much difference from a Northern Rock Together mortgage where you could borrow more than the house is worth.

If you borrowed £95k - 95% Help To Buy mortgage on £100k property then saved 6x£608 payments it would be like taking a £98,648 loan.

Extend the repayment free period to 12 months then they have cracked the 100% mortgage barrier again!

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the best form of protest is to withdraw...I agree.

However, as these banks dont actually need us anymore, well, you may as well get the best rate where you can.

Yes, they don't need us because the government, which we voted in, are giving them our money for free. So the best protest is to vote UKIP, the thing that is likely to piss-off the government the most.

At 1.25%, it's the lowest paying account I have and was always going to be a short term solution, so it's no great loss.

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