Monday, October 30, 2006
Mortgage Fees Rocket
Arrangement Fees: Get the sums right, and it can pay to spend £1,999 on a mortgage
The cheapest home loan rates are carrying ever-bigger price tags - in the shape of vertiginous arrangement fees. For example, a competitive two-year fixed-rate deal from Abbey, with interest charged at 4.45 per cent, now has a £1,999 fee; ditto Birmingham Midshires' two-year fix at 4.49 per cent.
Posted by uncle chris @ 10:35 AM (611 views)
4 thoughts on “Mortgage Fees Rocket”
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the bald man says:
I do not understand why arrangement fees are good for BTL? Surely what matters is the overall cost of borrowing.
I suppose what they mean is that the arrangement fee can be rolled up into the capital advanced. What a great deal you can then pay interest on the arrangement fee!
kpjcomp says:
IOW: It’s 5.2% not 4.49%.. And that’s without taking into account of putting £2000 into savings.
European-bear says:
Its like buying a Ryanair ticket…seems to be cheap until you add on the taxes and fees
Nohpc says:
Money grabbing barstewards is what they are. 1999 is a ridiculous arrangement fee. Probably takes less than an hour for them to arrange it with a simple computer credit check. I think this fee should be waived for first time buyers. I am looking at switching from one A and L mortgage to another and they still charge 1,500pounds for probably 5 minutes work grrrrr!!!