Putting it briefly, I just need some advice over why this deal doesn't seem so bad to me, when after reading all about the likes of ocean finance and similar outfits, the deal should look far less desirable.
We are in the lucky position of owning our own home with no mortgage. I do have have about 6 grands worth of debt from 5-6 years ago. All of these have for the last 5+ years been regularly paid via Baines and Ernst (another rip off, but we live and learn).
We are now thinking of bundling all of these in on a mortgage and paying off the only family holiday we are ever going to get + clear overdraft
Obviously, we are also very naive and clueless when it comes to mortgages etc.
we want to borrow 10950
with ocean finance they can get us a capped rate 6 year repayment mortgage with insurance and their grabbing fee for 214.71 per month (total repayable
15459)
Having checked what the loan repayments would be with Natiowide who seem to be very proud of their rates etc, i would be paying 217.00 per motnh (total repayable 15624)
forgetting about the fact that we shouldn't even be contemplating putting a mortgage on the property, what am i missing with regards to the ocean finance deal? Surely it should look crap compared to nbationwide. Bear in mind, i admit we know nothing about mortgages etc.
TIA, andy