Cheltenham & Gloucester Mortgages Review

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1 stars
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Clair's Review of Cheltenham & Gloucester Mortgages

20th Mar 2006

Overall Rating

5 stars
  • Value for money
    4 stars
  • Repayment Method
    Repayment
  • Product
    Fixed rate
Good Points

Easy and uncomplicated.


Bad Points

The prossessing fee.


General Comments

I took out a repayment mortgage with Cheltenham & Gloucester and I have had no problems. In fact I am surprised by this as I always thought that mortgages where nightmares.
When I went to see them they asked how much I wanted to borrow and then asked how much I could afford to pay back each month, along with a few other calculations they where able to tailor a package which suited me and by doing this exceed any expectations I had.
They suggested that instead of a traditional 25 year mortgage, with the amount I was able to pay back I should opt for a 10 year mortgage which would save me money. I also had an option which I could over pay each month either to enable me to take a 'holiday payment' or help payoff my mortgage sooner. I did the latter and when my yearly statement came in two weeks ago I have noticed that I have paid of over a third in just less than two years.
I would totally recommend C&G to all as the easy option; the only downside is the up front possessing fee which is a lot when you are buying your first house. I also feel it is a cheek as they more than make their money from you in interest over the years.

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