Memo regarding mortgage payments
Dated 11th October 2009
David Law
Comparing one of the most competitive deals on the marketplace (Source moneysupermarket as at 11 October 2009) with the "Smartmove" Assisted Mortgage, available with W. J. Law, given a limited deposit.
An analysis produced in order to review the monthly mortgage payments in each case.
Assumptions:
House price: £150,000
Deposit available: £5,625
The Monthly outgoings are 47% less with "Smartmove"
| Lender | Northern Bank |
| Product Name | SVR |
| Type of Mortgage | Variable |
| Initial Rate | 4.35% |
| Lender's Base Rate | 4.35% |
| Term | 25 years |
| Max LTV | 100% |
| Monthly Repayments | £794.61 |
| Lender | Halifax – smartmove |
| Product Name | 2 year Tracker |
| Type of Mortgage | Tracker |
| Initial Rate | 3.54% |
| Lender's Base Rate | 4.40% |
| Term | 25 years |
| Max LTV | 71.25% |
| Monthly Repayments | £420.00 |
NB: Rates are subject to change
Your home may be repossessed if you do not keep up repayments on your mortgage
