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2 year Mortgage at 1.79% with 10% deposit Yorkshire Building Society
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2 year Mortgage at 1.79% with 10% deposit Yorkshire Building Society

12
Posted 15th May
Saw this in today’s metro front page and quick search shows this is the joint lowest 10% mortgage available. Fees £1495 which is hefty if your mortgage left is little. Plus £390 valuation fee.

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sammypants15/05/2019 13:18

Does anyone know if a Capital and Interest mortgage is the best type of …Does anyone know if a Capital and Interest mortgage is the best type of mortgage still?


If you don't want to end up owing your entire mortgage balance at the end of the mortgage term then a repayment (or C&I) mortgage is what you are needing. Interest only mortgages are much more difficult to get nowadays and you will need to prove how you intend to repay the balance at the end of the term, so unless you have the means to do this, a repayment mortgage might actually be the only option.

However, I will also say, please don't take financial advice from people on the internet Speak with your lender for all of the information you need regarding what suits your situation.
Edited by: "Psychobunni" 15th May
12 Comments
Those fees are ridiculous
rporteo15/05/2019 09:58

Those fees are ridiculous



Agree but think if you need mortgage of > £400K. Turns out cheap...
rporteo15/05/2019 09:58

Those fees are ridiculous


Totally agree....on a mortgage of £200,000 they make about £70,000 and still think its acceptable for someone to pocket £1495 up front to arrange what takes a few minutes online!
The monthly repayments must be enormous if the mortgage only lasts 2yrs.
I think you can get £500 cashback with YBS as a first time buyer, which is something to consider when comparing with similar mortgages at 90% LTV. Some other lenders do this too.
Does anyone know if a Capital and Interest mortgage is the best type of mortgage still?
sammypants15/05/2019 13:18

Does anyone know if a Capital and Interest mortgage is the best type of …Does anyone know if a Capital and Interest mortgage is the best type of mortgage still?


If you don't want to end up owing your entire mortgage balance at the end of the mortgage term then a repayment (or C&I) mortgage is what you are needing. Interest only mortgages are much more difficult to get nowadays and you will need to prove how you intend to repay the balance at the end of the term, so unless you have the means to do this, a repayment mortgage might actually be the only option.

However, I will also say, please don't take financial advice from people on the internet Speak with your lender for all of the information you need regarding what suits your situation.
Edited by: "Psychobunni" 15th May
Psychobunni15/05/2019 13:36

If you don't want to end up owing your entire mortgage balance at the end …If you don't want to end up owing your entire mortgage balance at the end of the mortgage term then a repayment (or C&I) mortgage is what you are needing. Interest only mortgages are much more difficult to get nowadays and you will need to prove how you intend to repay the balance at the end of the term, so unless you have the means to do this, a repayment mortgage might actually be the only option.However, I will also say, please don't take financial advice from people on the internet Speak with your lender for all of the information you need regarding what suits your situation.


Hahaha, great advice cheers for this, I was just curious if anything has changed i've been riding that base rate for a number of years which has provided great with this type of mortgage, but coming to the end so wondered if anything has changed.
Lol. Bring back the endowment mortgages...
Financial advisors used to love them with all that juicy commission, home owners less so. Especially when the endowment matured and wasn't enough to pay off the balance. 80's madness.
Took this offer and rate up last year, but it was with free legal/solicitor
jamgin15/05/2019 14:08

Lol. Bring back the endowment mortgages...Financial advisors used to love …Lol. Bring back the endowment mortgages...Financial advisors used to love them with all that juicy commission, home owners less so. Especially when the endowment matured and wasn't enough to pay off the balance. 80's madness.


Yes, we were "helped" by nice financial "advisers" with a few "low cost" endowments in the early years. A small one fell about 30% short, but we sold off 2 Standard Life ones for more than their face value with 6/7 years to go; someone probably took a bath on those!

With the final one I did it myself and looked into all the fine print which was astounding; the different companies calculated that you would pay back the mortgage with anywhere between 12% (cheapest) and 4% (most expensive) return. I went for the most expensive one (4% return) and eventually managed to get an extra £15K at the end.

Fortunately, my days of mortgages are over.
37856609-P10yl.jpgIn today's Metro
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