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| UK Finance (uk.finance) Discussion about Finance issues in the UK. |
| Tags: mortgage, offer, should, take |
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#1
August 13th 08, 08:50 PM
posted to uk.finance
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Which mortgage offer should I take?
I have been made two offers of a re-mortgage by my lender.
The first is the bank's standard variable rate of 7.00%. With this offer there are no fees and no penalties for early repayment. The second is bank rate (currently 5%) plus 1.99%. With this offer there are no fees but a 3% early repayment fee for the first 12 months. As they are both roughly the same and I don't expect to repay the mortgage in the next year, is there any advantage of the bank rate based mortgage over the bank standard rate? Thanks 
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