Best mortgage deals at moment?
Discussion
Hi,
Planning to get a fixed mortgage, have been offered one at 5.6% (overall cost comparion) watever that means. the mortgage is for 75 off the property value.
The mortgage is with natwest fixed for 5 years.
arrangement fees are around £1k mark.
Is there any other better offers out there?
please let me know what there is out there!
Planning to get a fixed mortgage, have been offered one at 5.6% (overall cost comparion) watever that means. the mortgage is for 75 off the property value.
The mortgage is with natwest fixed for 5 years.
arrangement fees are around £1k mark.
Is there any other better offers out there?
please let me know what there is out there!
have you thought about a natwest/rbs/virgin one account (all the same account iirc)... ultimate flexibility to overpay and underpay to your heart's content, and now thanks to pressure from the government on rbs, the interest rates have fallen into line with other 'normal' mortgages (a further 1% will come off on 31st December)
there is no arrangement fee and no redemption penalty, so even if you just need a mortgage to go to for a short period, it is worth a look.
i use one which my wife and i pay our joint incomes into... even without thinking we overpay each month, but when we need the cash for home improvements etc, we just pay for it... think of it as a huge overdraft.
anyways,,, just a thought
there is no arrangement fee and no redemption penalty, so even if you just need a mortgage to go to for a short period, it is worth a look.
i use one which my wife and i pay our joint incomes into... even without thinking we overpay each month, but when we need the cash for home improvements etc, we just pay for it... think of it as a huge overdraft.
anyways,,, just a thought
ik said:
Hi,
Planning to get a fixed mortgage, have been offered one at 5.6% (overall cost comparion) watever that means. the mortgage is for 75 off the property value.
The mortgage is with natwest fixed for 5 years.
arrangement fees are around £1k mark.
Is there any other better offers out there?
please let me know what there is out there!
For you its all going to come down to affordability, assuming you fit the lenders criteria there are better schemes available.Planning to get a fixed mortgage, have been offered one at 5.6% (overall cost comparion) watever that means. the mortgage is for 75 off the property value.
The mortgage is with natwest fixed for 5 years.
arrangement fees are around £1k mark.
Is there any other better offers out there?
please let me know what there is out there!
Are you remortgaging or purchasing?
When do you need to have the mortgage inplace by?
I've been looking recently and Natwest seem to have some of the best rates on the go at the moment, however it is worth noting that they no longer sell their branded version of the One account. C&G have some pretty good rates although some of them have massive fees!
Personally I will wait until Jan til the last 1% fall in Base Rate is incorporated into prices, may not make a huge difference (depending on how much of that they pass on) but even 0.10% of the average mortgage is quite significant. It's unlikely you will be dis-advantaged by this if your mortgage is with one of the major providers as Standard Variable is in many cases lower than any other rates available.
Personally I will wait until Jan til the last 1% fall in Base Rate is incorporated into prices, may not make a huge difference (depending on how much of that they pass on) but even 0.10% of the average mortgage is quite significant. It's unlikely you will be dis-advantaged by this if your mortgage is with one of the major providers as Standard Variable is in many cases lower than any other rates available.
scotal said:
ik said:
Hi,
Planning to get a fixed mortgage, have been offered one at 5.6% (overall cost comparion) watever that means. the mortgage is for 75 off the property value.
The mortgage is with natwest fixed for 5 years.
arrangement fees are around £1k mark.
Is there any other better offers out there?
please let me know what there is out there!
For you its all going to come down to affordability, assuming you fit the lenders criteria there are better schemes available.Planning to get a fixed mortgage, have been offered one at 5.6% (overall cost comparion) watever that means. the mortgage is for 75 off the property value.
The mortgage is with natwest fixed for 5 years.
arrangement fees are around £1k mark.
Is there any other better offers out there?
please let me know what there is out there!
Are you remortgaging or purchasing?
When do you need to have the mortgage inplace by?
Mrs Mandat and I have a joint mortgage with the Halifax and we are on the standard variable rate but as a HBOS employee Mrs Mandat gets a colleague discount. As a result, our mortgage rate is exactly the same as the Bank of England rate.
From January we will therefore only be paying 2%. I don't think that you can get a better deal than that.
From January we will therefore only be paying 2%. I don't think that you can get a better deal than that.
Mandat said:
but as a HBOS employee Mrs Mandat gets a colleague discount. As a result, our mortgage rate is exactly the same as the Bank of England rate.
From January we will therefore only be paying 2%. I don't think that you can get a better deal than that.
Does her package include comprehensive redundancy cover?From January we will therefore only be paying 2%. I don't think that you can get a better deal than that.
Jon C said:
Mandat said:
but as a HBOS employee Mrs Mandat gets a colleague discount. As a result, our mortgage rate is exactly the same as the Bank of England rate.
From January we will therefore only be paying 2%. I don't think that you can get a better deal than that.
Does her package include comprehensive redundancy cover?From January we will therefore only be paying 2%. I don't think that you can get a better deal than that.
At the moment, a good idea is to secure a new deal asap and sit on it. Don't complete but many offers are valid for up to 6 months.
This works for both re-mortgages and purchases.
Most lenders offer free legal fees and valuations on re-mortgages and any admin fees do not get added until you decide to complete.
By securing a deal now you lock in to the value now, if you wait 3-6 months you could pay a high price if you house drops in value and the % of loan goes above 60% (the best deals are at this %), 75% or 90%.
All year I have been following this pattern and everyone has been £££££ in.
Don't wait for rates to drop further, secure a deal now and adjust later.
Everytime the rates move down (Bank Base Rate) the lenders increase their margin.
eg:-
At the start of the year, one lender had a life tracker at Base + 0.17%
In June that was base + 1.6%
In Sept it was base + 1.8%
Then now it is somewhere around base +2% (but only on a 2 year tracker)
Maybe sit on a lenders variable rate too and secure a fixed rate at some point in the future, but make sure you get a deal in place first, even if you don't go ahead in the end.
I hope this helps....
This works for both re-mortgages and purchases.
Most lenders offer free legal fees and valuations on re-mortgages and any admin fees do not get added until you decide to complete.
By securing a deal now you lock in to the value now, if you wait 3-6 months you could pay a high price if you house drops in value and the % of loan goes above 60% (the best deals are at this %), 75% or 90%.
All year I have been following this pattern and everyone has been £££££ in.
Don't wait for rates to drop further, secure a deal now and adjust later.
Everytime the rates move down (Bank Base Rate) the lenders increase their margin.
eg:-
At the start of the year, one lender had a life tracker at Base + 0.17%
In June that was base + 1.6%
In Sept it was base + 1.8%
Then now it is somewhere around base +2% (but only on a 2 year tracker)
Maybe sit on a lenders variable rate too and secure a fixed rate at some point in the future, but make sure you get a deal in place first, even if you don't go ahead in the end.
I hope this helps....
Edited by Mat Hammond on Monday 15th December 11:06
Mat Hammond said:
At the start of the year, one lender had a life tracker at Base + 0.17%
Who? I remortgaged at the start of the year and the best I could find was base +0.24% (based on 47% LTV using a very conservative value). Still, I never thought I'd see the day I was paying 2.24% interest on my mortgage.Mat Hammond said:
That deal was the Woolwich.
My Mother has a Buy to Let on BBR -0.20% with Birmingham & Midshires. Thats a 1.80% pay rate.
I am yet to hear they have a floor rate though....
I was going through my mortgage paperwork the other day to see if it had a floor - Woolwich/Barclays lifetime tracker at BBBR +0.18% (code 6U or 6Y, I think). I couldn't see any ref but does anyone one know the answer?My Mother has a Buy to Let on BBR -0.20% with Birmingham & Midshires. Thats a 1.80% pay rate.
I am yet to hear they have a floor rate though....
Ta.
tonyvid said:
Mat Hammond said:
That deal was the Woolwich.
My Mother has a Buy to Let on BBR -0.20% with Birmingham & Midshires. Thats a 1.80% pay rate.
I am yet to hear they have a floor rate though....
I was going through my mortgage paperwork the other day to see if it had a floor - Woolwich/Barclays lifetime tracker at BBBR +0.18% (code 6U or 6Y, I think). I couldn't see any ref but does anyone one know the answer?My Mother has a Buy to Let on BBR -0.20% with Birmingham & Midshires. Thats a 1.80% pay rate.
I am yet to hear they have a floor rate though....
Ta.
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