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interestrateripoff

New Tsb Mortgage Advert

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I just saw this myself, saying along the lines of 'A few years ago people may have been given mortgages they can't afford' or words to that effect. Made me look up from the pc, as it wasn't the usual bank advert wording.

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I went to tsb to ask about mortgage as they had pay your stamp duty offer. Apparently I have to much of deposit to qualify

How bad is the interest rate if you drop your deposit low enough to qualify? Couldn't you then just instantly overpay so that you still have the same size deposit?

Edited by RentaBear

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Call me cynical if you like, but 'There was a time when people were being sold mortgages that didn't suit them quite right. They were able to over pay, and so save thousands of pounds in interest charges. We're working with our customers to help prevent that happening again in future. Mortgages, because we'd rather you rented directly from us...'

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How bad is the interest rate if you drop your deposit low enough to qualify? Couldn't you then just instantly overpay so that you still have the same size deposit?

I did think about that. but they jack up the interest rate and cant find house i find acceptable at price i find accepatbale currently. In the mean time i do have two 5% current account with tsb

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How bad is the interest rate if you drop your deposit low enough to qualify? Couldn't you then just instantly overpay so that you still have the same size deposit?

If it was a fixed rate, you could be limited to 10% overpayment a year.

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