Can anyone reassure me that this is okay deal? This is what First Active are proposing to me, mortgage wise:
A) 0.95% tracker above ECB on proposed new 65K utopia topup & change existing mortgage 6.5K to same rate
B) On new mortgage of 274.5K - 0.75% tracker ECB (CPT 4.774 Capital & Int). (Total finance 6.5K+65K+274.5K)
Will be putting sale of house proceeds against new mortgage during 1st yr (say 250K)
-Both over 30yrs
-they pay 2,200K towards my legal fees (no clawback)
-they pay valuer fees
-Dont have to draw down full 274.5K if not needed for build
-Other flexible terms like pmt breaks etc
Reason for 65K top up is that wouldnt get full amount needed in one mortgage so top up is releasing equity on existing prop. which will be selling. Otherwise if dont do this way, they say I will have to cross secure? which is not done and not easy for me
A) 0.95% tracker above ECB on proposed new 65K utopia topup & change existing mortgage 6.5K to same rate
B) On new mortgage of 274.5K - 0.75% tracker ECB (CPT 4.774 Capital & Int). (Total finance 6.5K+65K+274.5K)
Will be putting sale of house proceeds against new mortgage during 1st yr (say 250K)
-Both over 30yrs
-they pay 2,200K towards my legal fees (no clawback)
-they pay valuer fees
-Dont have to draw down full 274.5K if not needed for build
-Other flexible terms like pmt breaks etc
Reason for 65K top up is that wouldnt get full amount needed in one mortgage so top up is releasing equity on existing prop. which will be selling. Otherwise if dont do this way, they say I will have to cross secure? which is not done and not easy for me
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