Try ZOPA, I think the arrangement fees are around £100. Its not a mortgage secured against your house but a loan over 3 or 5 years and the rates are pretty good.
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11 years ago
OT: Mortgages and hidden charges
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11 years ago
On Tuesday 09 April 2013 17:58 Tim Watts wrote in uk.d-i-y:
Seems to be a badly written standard letter...
I spoke to the bank and then their solicitors. The latter said it was only a standard scale of charges and none apply - unless something really unexpected turned up, in which case they would advise before commencing.
I did tell them they should make that a bit clearer on the cover letter!
*sigh*OK - we're good...
Thanks for all the comments!
Tim
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11 years ago
That a bloody stupid thing to do and is just throwing money away. Get a Virgin One account. Set you limit and draw against as and when you need. You only pay interest on what you actually owe on any given day and can pay back at any time.
MBQ
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11 years ago
On Wednesday 10 April 2013 20:39 Man at B&Q wrote in uk.d-i-y:
Does it still exist? All I can find Googling for "Virgin One" is what looks like a portal for existing customers - no indication of products on offer???
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11 years ago
Ah!, was looking for that seems to be the new way of doing things now. Theres more then the one of these companies around and there supposed to be cheaper than the banks :)...
Its a sort of crowd funding in a way where individuals loan via an intermediary IIRC...
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11 years ago
In article , Tim Watts scribeth thus
Id if their that incompetent then why deal with them;?...
RBS not a bank I'd want to deal with;(...
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11 years ago
CHAPS fees are not usually charged these days as all the banks do transfers electronically within two hours at no cost. Go back to the bank and ask what the hell they are playing at because there are strict rules about them telling you exactly what the charges are going to be.
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11 years ago
On Wednesday 10 April 2013 21:16 Tim Watts wrote in uk.d-i-y:
Eventually found them - it's now called "The One Account".
Sadly, from:
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======================== Important Information
We are currently going through a period of staff training and are unable to offer any new mortgage appointments for the One account. We would like to apologise for any inconvenience this may cause.
The One Account is part of the Royal Bank of Scotland Group, if you would like to discuss alternative mortgage options through either the NatWest or RBS brands, please call us on:
NatWest0800 400 999 RBS0800 056 0567 =========================
Stupid or not, I'll stick with my original plan. Life's too short and I'm going to use half immediately and the rest within 2 years.
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11 years ago
If you are happy to pay mortgage interest for up to two years whilst earning a pittance on the money that is your decision. I stand by my assertion.
MBQ
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11 years ago
On Thursday 11 April 2013 12:19 Man at B&Q wrote in uk.d-i-y:
That's as maybe - and I agree with you. However, the One Account (which did look good) is locked out of new business and I really do not have the energy or time to look any further - fact of life. Busy as f*ck for the forseeable... Soemtimes you just have to get on with stuff...
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11 years ago
Why not look into my suggestion of getting a flexible mortgage?
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11 years ago
He has done, what do you think The One Account is?
MBQ
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11 years ago
Yes that is how it works. There are a couple of others but Zopa seems to be the market leader. They are collectively known as "peer to peer lenders" I've been a small scale investor for a couple of years now and it seems to work very smoothly with minimal risk although to be fair, there is no formal protection scheme like with a building soc or bank but the rates are better. Out of 300 loans made on my behalf, 3 have turned out to be late payers but the company have arranged debt management on those borrowers and that is working. All money coming in from borrowers is automatically offered to new borrowers at rates of my choosing in £10 chunks to spread the risk. Works for me
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11 years ago
+1 since the new year with Zopa and Funding Circle (which lends to busineses), earning between 5 and 8% gross and no bad loans yet.
The only niggle is getting your money out, which relies on selling your loan parts on to another investor. If everyone decides to bail at the same time it could get ugly.
MBQ
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11 years ago
The One Account is an offset account and is slightly different. Anyway the One Account is no longer available.
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11 years ago
Wrong. I have on so I can speak with authority on that.
MBQ
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11 years ago
For clarification, an offset mortgage offsets the debt with savings held in a linked savings account. The One Account is a single account, You do not have a separate savings account. You can withdraw and repay as much or as little as you like, subject to your agreed borrowing limit, as often as you like with no penalties (the flexible bit).
It's more like a line of credit or a secured overdraft, with a mortgage type interest rate.
When first introduced it was the only truly flexible mortgage. Even today some mortagages impose early repayment limits and penalties.
MBQ
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11 years ago
I haven't used a One Account myself so I'll bow to your superior knowledge. The description on the web site made it look like an offset account.
FWIW My flexible mortgage (with the Nationwide) does not have any limits or penalties, except a fee when you finish paying the whole lot.