I had the pleasure (again) of paying over a grand for “set up fees” for my mortgage with Halifax/BOS. I opted for a tracker as it was extremely unlikely that interest would go up in the near future, and despite the “advisor” strongly telling my to go with the fixed rate option (which was more expensive, no surprise there then). But I nearly fell off my seat when I was told it was only for two years.
Why on earth is a tracker mortgage only for two years? It makes no sense to the person taking up the mortgage….
But, this means that, pretty soon, I’ll have the joy of giving them another grand.
I could, of course, look elsewhere for a mortgage. But there is catch. Most of the banks require you to have a current account with them and deposit your pay into it. This seems deeply unfair and the opposite of the competitiveness that the Tories are always banging on about.
Halifax did, however, send me a lovely welcome pack containing tea, coffee, screwdrivers (!), and a Bayliss and Harding gift set. But, I’m sure, it didn’t total £1k….