Mortgage providers are well versed in the art of getting their products to the top of best buy tables.There is a horrific example currently from Yorkshire Building Society. It has a fixed rate of 4.99% for 2 years.
Sounds good? The reality is somewhat different
It has an arrangement fee of 3%, on a remortgage of £200 000, this is £6000!. You can also add this fee to the mortgage & pay interest on it.
You also pay a non refundable fee of 0.25% on application, £500 on the £200 000 remortgage example.
Conclusion
Avoid, truly shocking & rather misleading product.
1 comment:
Post a Comment