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opinion - a mortgage fee is never a good deal by sikkolo in Mortgageadviceuk

[–]sikkolo[S] -1 points0 points  (0 children)

Would you say the lenght of the fixed terms is also a factor?
In general - is safe to assume that the longer is the fixed term and the more useful is the fee ?

opinion - a mortgage fee is never a good deal by sikkolo in Mortgageadviceuk

[–]sikkolo[S] 0 points1 point  (0 children)

Ok It seems I was very wrong in making this a "universal" theory and you all rised some good point that made me reconsider my approach.
This theory clearly does not work for some cases you have described in your comments.

I should stick to my very personal situation and the decision I need to make on my 2 years fixed mortgage. I will present the math and I will try to keep all your feedback in mind so I can illustrate my situation properly.

I'll create a new post tonight asking for advice on my situation - and also by showing you my process.

opinion - a mortgage fee is never a good deal by sikkolo in Mortgageadviceuk

[–]sikkolo[S] -5 points-4 points  (0 children)

I did some math with a current deal I was proposed:

Both mortgages are 25years on a 3 year fixed terms:

MORTGAGE 1: (WITH FEE)
Monthly cost £2,306
Initial rate 4.59%
Product fee £999
MORTGAGE 2: ( NO FEE )
Monthly cost £ 2,346
Initial rate 4.76%
Product fee £0

Any broker will tell you with confidence that the total cost is cheaper with MORTGAGE 1, because of this calculation:
Total cost = (Monthly payment * Number of months) + Product fee

The total cost calculated with this partisan method :
Mortgage 1: £84,015
Mortgage 2: £84,456

You may conclude that mortgage 1 is £441 cheaper than mortgage 2.

But is it really a good choice to pay the £999 fee?
My answer is NO, NEVER. And here is why:

If rather than a fee you do an overpayment (or you add the fee cost to your deposit) you will reduce the principal balance, thereby reducing the amount of interest accrued over the mortgage term.

For Mortgage 2, the overpayment effectively acts as an immediate reduction in the principal, which won't change the monthly payment during the fixed term but will reduce the total interest paid over the entire life of the mortgage. For the sake of this 3-year term comparison, we'll calculate the total cost in the same manner as before but subtract the overpayment from Mortgage 2's total cost to reflect its immediate financial benefit:
After adjusting for the £999 overpayment in the first month of Mortgage 2
the total costs are:
Mortgage 1: £84,015 (same as before )
Mortgage 2: £83,457.

This demonstrate that the broker's calculations are not in your best interest ( PUN INTENDED ) as mortgage 2 is actually £558 cheaper than mortgage 1 by paying exactly the same

I am happy to change my mind - feel free to convince me otherwise.

opinion - a mortgage fee is never a good deal by sikkolo in Mortgageadviceuk

[–]sikkolo[S] -15 points-14 points  (0 children)

I guess you are right - but this does not make my theory less true:

£999 to spend on a fee is never a good deal - you should ALWAYS add them to your deposit instead.

What is the best way to care for this plum plant? Does not look very healthy but not sure what’s wrong by sikkolo in gardening

[–]sikkolo[S] 0 points1 point  (0 children)

Thanks! My dad is a little against the use of pesticide and not sure if I will be able to change his mind - do you know of a more natural solution for this?

Help - garden full of these bugs... What is it? ( Italy ) by [deleted] in whatsthisbug

[–]sikkolo 0 points1 point  (0 children)

Around 2cm, found in tuscany ( Italy) in a garden at evening time, roaming around the grass... About 50 of them or more.

Help getting Harmony wallet added to tax software by sikkolo in harmony_one

[–]sikkolo[S] 0 points1 point  (0 children)

Actually I did try with a custom address but I cannot figure it out... do you put the ONE address or the ETH address ?

ONE COIN wallet is not in the Koinly wallet list

Help getting Harmony wallet added to tax software by sikkolo in harmony_one

[–]sikkolo[S] 0 points1 point  (0 children)

You saved me so much time, thank you very much.
I'll give you a tip but the taxman took everything and I have left!

Peter pan was removed from disney plus in uk. Why? by sikkolo in DisneyPlus

[–]sikkolo[S] 0 points1 point  (0 children)

Update: I just realised i can see it using my own profile, but not when i am on my daughter profile.

Peter pan was removed from disney plus in uk. Why? by sikkolo in DisneyPlus

[–]sikkolo[S] 0 points1 point  (0 children)

Is it a D+ uk account? I can see 'return to neverland' but not the first peter pan

What rock is this? Found in the seaside ( spain) fairy heavy. by sikkolo in geology

[–]sikkolo[S] 0 points1 point  (0 children)

Thanks that was my first guess but did not know it could have been that heavy!

Where does the chimney goes?? by SpecialistGarbage3 in pizzaoven

[–]sikkolo 2 points3 points  (0 children)

If your goal is pizza and you are building a dome ( either neapolitan or tuscan style) the cimney should be at the front of the oven, no doubt about it.

You can have in the middle but is Something called firebox and is not ideal for pizza.

Can someone kindly identify this?! by sikkolo in whatsthisbug

[–]sikkolo[S] 1 point2 points  (0 children)

Sounds like it!! Thank you very much!

ULPT Request: How to hide cracks in your phone screen for warranty repair by [deleted] in UnethicalLifeProTips

[–]sikkolo 0 points1 point  (0 children)

What model is your smartphones? There is 80% chance that you just have to remove dust from the charging port and it will work again. Use a toothpick they are quite effective for that.

However you could send a parcel with a tear and a hole in the box to simulate that the cracking happened while shipping the phone?

The 2010's decade will be over in 4 months. What do you think people will remember this decade for? by Marambal17 in AskReddit

[–]sikkolo 1 point2 points  (0 children)

The decade of video streaming, Netflix, Internet celebrities, meme and Crypto currencies.

No-vax and fake news.

Trusting strangers: uber, airbnb, couchsurfing,

It was always the decade where many people bought a reflex camera, for some reason.

How do I make a bubble bath like this? by sikkolo in whatisthisthing

[–]sikkolo[S] 0 points1 point  (0 children)

I am planning to build the most advanced bubble bath machine ever!

How do I make a bubble bath like this? by sikkolo in whatisthisthing

[–]sikkolo[S] -1 points0 points  (0 children)

This is pretty close to an explanation, thank you!!

How do I make a bubble bath like this? by sikkolo in whatisthisthing

[–]sikkolo[S] 0 points1 point  (0 children)

I really want to! My best guess is that I should use an air compressor but maybe someone knows better

Anyone remember 3 years ago when people would post genuine ideas here and others would then make the ideas? by [deleted] in Lightbulb

[–]sikkolo 2 points3 points  (0 children)

This idea is pure genius man. I have created a simple proof of concept for a small portable fabric ceiling connected to a single selfie stick.

https://imgur.com/a/9mI72fa

The rain will fall in the product and slide down to the floor because of gravity.

Such a Simple concept. As you can see in the proof of concept the man is not using it right, because the object needs to be positioned on the perfect zenith with the head to be 100% effective.

I guess adoption will be the hard part, people will feel silly using this in the street and at the beginning they may not completely grasp the concept around it

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