![]() To pay dues, ‘compare the market’ do compare total spent during the fixed period, although this is also tied up with loan repayment (not strictly speaking a cost, unless you’re offsetting against lost savings interest). Country interest rates vary with time, so any estimate now is unlikely to be valid in 2 years time let alone 24 years! To compound this, the majority of the time period the estimate is based on is pure speculation. Often these first years are offered at a fixed interest rate, after which the mortgage reverts to the Bank of England interest rate, plus a profit margin for the bank. 2) years are in a contract with a penalty for early termination. ![]() To expand on why whole cost comparisons are useless: if you take out a 25 year mortgage, only the first few (e.g. ![]() ![]() This was frustrating because while monthly repayments tell you whether a mortgage is affordable, they don’t tell you how much the price is and total cost over the whole mortgage is useless. When I moved house a couple of years ago I was frustrated that mortgage comparisons used monthly repayments and total cost of the mortgage to see which were better. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |