I suspect that most people who see a mortgage advertised at 0% have alarms, clarions and sirens ringing in their head all at once, but is there anything to these mortgages?
I’m going to use The Fool’s mortgage search engine, powered by independent researcher Moneyfacts, to help me look into this. The example I’ll use will be a £100,000 re-mortgage to a fixed-rate deal on a £170,000 property. The mortgage lasts 20 years, but I’m looking at the cost of the mortgage over five years, as I’ll assume my hypothetical mortgagee will want to find a better deal after this time…..
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