Post Office 5 year fixed mortgage 2.83% with no arrangement fee (max 60% LTV) - HotUKDeals
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Post Office 5 year fixed mortgage 2.83% with no arrangement fee (max 60% LTV)

£0.00 @ Post Office
This looked like good value if you're looking for the reassurance of a longer fix and have 40% deposit available (e.g. because it's a remortgage) No arrangement fee. A lending fee of £195 applies w… Read More
Genki Avatar
2y, 4m agoFound 2 years, 4 months ago
This looked like good value if you're looking for the reassurance of a longer fix and have 40% deposit available (e.g. because it's a remortgage)

No arrangement fee. A lending fee of £195 applies which is due on completion but payment can be deferred until your mortgage is fully repaid.
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Genki Avatar
2y, 4m agoFound 2 years, 4 months ago
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Comments/page:
#1
So there is an arrangement fee then, called something else!!
#2
Very competitive. Thanks for posting
#3
BTW, depending on your mortgage requirements (they'd have to be quite high) you might be better off with their 5 year fixed mortgage that is just 2.55% but comes with a £1,495 arrangement fee as well as the £195 lending fee.

(Sorry, the math is a bit beyond me to work out exactly what amount you'd have to borrow for this trade-off to be worth it)
#4
Following up my previous comment, if you were borrowing £200,000 it looks like you'd be slightly better off going for the lower 5-year % but paying the arrangement fee. At least, according to this mortgage calculator tool.
http://www.thisismoney.co.uk/money/mortgageshome/article-1633400/Mortgage-calculator-Compare-true-cost-rates-fees.html

(At £300,000 borrowing level, you'd be almost £1,000 better off by going for the lower % rate but paying the arrangement fee)
#5
I make it a mortgage in excess of 106780 to make in beneficial to pay the 1495 arrangement fee. Feel free to correct me if I've got it wrong
#6
Mildoo
I make it a mortgage in excess of 106780 to make in beneficial to pay the 1495 arrangement fee. Feel free to correct me if I've got it wrong

No, it's around £175,000 assuming I've put the right numbers in.

Mortgage #1
Amount borrowed: £175,000
Arrangement fee: 0
Term (years): 25
Interest rate: 2.83%
Initial deal period: 5 years
Cost over deal period in fee (calculated by tool): £48,868.75

Mortgage #2
Amount borrowed: £175,000
Arrangement fee: £1,495
Term (years): 25
Interest rate: 2.55%
Initial deal period: 5 years
Cost over deal period in fee (calculated by tool): £48,864.59 (saves £4.16)

And of course the difference gets larger and larger from there as the mortgage amount climbs.

Edited By: Genki on Dec 19, 2014 14:50
#7
Thanks OP

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