BTL Mortgage Rate Drop To 3.54%
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- Опубликовано: 11 сен 2024
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Just came across one of your video a few days, great content & knowledge.
Keep up the great work 👍
Thanks for the supporting words👊🏽
You asked why is this bank bringing down these mortgages so much? Well it’s not because there’s 3% fee ! 😂
I don’t get what you mean?
Great content Harvey
Thanks mate… are you in the property game or thinking of starting?
With a 3% arrangement fee, its not a good deal. It makes great headlines but its not going to be practical for the vast majority of people.
Yeah for sure with large loan… works well in my remote investment location in northeast
Why isn’t it a good deal if only a 3% interest compared to 5ish
@@ldn4840 For example, the average house is 300k. 3% arrangement feee added to the mortgage is an additional £9000, that you will also pay 3.5% on over the 5 year term. So that's almost 2k per year extra every year 9÷5 is roughly 1.8k. So I rounded up to 2k per year. At the end of the 5 year mortgage you have still added the 9k on top of your 300k. Which your paying interest on until you pay off your mortgage. So that 3.5% mortgage payment of roughly 10k a year is actually 12k with the additional 3% arrangement fee. Making the real rate above 4%. Plus you still have 9k added to the total of your mortgage. Now I've just rounded those figures up (very roughly). So beware of high arrangement fees. The 3.5% mortgage rate makes great news headlines but they aren't what they seem. Normal arrangement fees shouldn't be above £1000-£1500. Even on a small £100,000 mortgage, a 3% arrangement fee would be £3000. If a mortgage is £300,000 a 3% fee would be £9000. Plus survey and financial advisor costs on top. The reality is the hype over a 3.5% mortgage rate is just hype. This doesn't make viable financial sense for anyone to pay a 3% arrangement fee that's added on top of your original mortgage amount. No matter the amount of the mortgage. (Higher or lower) You will be paying interest payments on that addition 3% added on top of your mortgage for many years. So over a 25 year mortgage period that 3% (let's say 9k as an average for a 300k mortgage) will cost you an additional 18-25 thousand in repayments. Do that every time your 5 year mortgage comes up for renewal over 25-30 year. You will have an additional 100k in interest repayment over your mortgage life time on a 300k mortgage. It's a mugs game mate. It makes zero financial sense.
Great video as always. Curious what does the CCC stand for on the right hand section of that poster behind you?
Thanks mate… it stands for courage confidence and conviction…basically how much pressure can you handle and how good are you at convicting… because of your not good then start lower and build up
How can I reach you?
Me too
Hey bro thanks for connecting…. Are you looking to get into property?
Hey bro thanks for connecting…. Are you looking to get into property?
@@harveygrowthproperties I am looking to invest in the North East. Ad get into properties