DH and I have paid off our mortgage but we are wanting to put an extension onto the house, so we're looking to remortgage for 30k maximum. Given the equity in the house, I had assumed we'd get a good interest rate etc. After looking at lots of mortgage offers I've realised that banks are now;
Charging a 'product fee' to customers to get a mortgage, generally around 2k. That's around 2k every single time a mortgage needs to be renewed - some people could be paying this every two years.
They are borrowing the nice cheap money that they've been given to kick start the economy and charging quite high rates. Some are 1.99 for two years and then 4.89 for the remainder.
Banks now effectively have interest and large lump sums of money through the produce fee.
Given that we, the general public have had to bail them out, I find the fact that they continue to thrive to this extent very irritating indeed.
This is daylight robbery, endorsed by the government - no?
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AIBU?
To think that this is daylight robbery.
12 replies
Graceflorrick · 01/08/2016 20:47
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