New Mortgage Deal

[lloydi]

well ive learnt something this morning

I can get a new deal for nothing so ill be saving 140 a month aslong as the base rate stays low

im guessing it never pays to stay on the standard variable rate and they hope people like me dont know they can change. Must be making millions out of mugs like me ;(

as long as the rates stay low its all gravy, i worked out it would need to increase 3% in the two year just to bring my payments back to where they are currently, im confident they wont rise that quickly

[ratty]

mines tracking at 1.5% atm .. works out at just over £300 per month on whats left at around 70K..

before that i was on a fixed deal at 560per month...

if it were me i'd go for the cheapest way, and then overpay your max amount..

if you overpay £1, its saving you around £2 or so for the full term.. really really worth doing

[Mobileman]

BUMP guys my mortgage is just coming to end of current deal with H***F*X

Currently pay £340 a month on fixed rate that deal finishes end of June, have 27 years left approx £55k

Now have just started my own business after taking redundancy so moving about maybe difficult but credit score is good overall.


Been offered these fixed rates
2 year, 3.89% fee £999 !! New monthly £279
3 year, 4.64% no fee New monthly £297

Variable rates
2 year, 2.54% above Base Rate = 3.04% fee £999 !! New monthly £253
3 Year, 2.89% above BR = 3.39% no fee New monthly £258

I have always went with fixed rates but seriously thinking about Variable, 6 months ago would have been a defo yes but now not so sure.

Also fees seems to have increased a huge amount since last time, if you always change every 2-3 years these fees dont make it worth while do they ?

Whats anyones current thoughts please ? Seen any good deals out there ?

[flumperino]

If it were me, I would probably gamble on the 3-year variable rate.

Interest rates probably won't do much over the next 3 years, and you'll be saving 80 sobs per month from the outset.

[Mobileman]

If it were me, I would probably gamble on the 3-year variable rate.

Interest rates probably won't do much over the next 3 years, and you'll be saving 80 sobs per month from the outset.

thats what i was thinking and possibly over pay by say £50 a month also whilst i can until gas and elec increase by another 400%

[mysterym]

I'd be very suprised if the MPC don't notch up the interest rate this year to help combat inflation, certainly if andrew sentenace has his way.

You've got a pretty low monthly repayment anyhow so worth a gamble.

[Mobileman]

I'd be very suprised if the MPC don't notch up the interest rate this year to help combat inflation, certainly if andrew sentenace has his way.

You've got a pretty low monthly repayment anyhow so worth a gamble.

current thinking is this probably wont happen till December, so gamble is looking the favoured option so far

[steiff1]

i'm with birminham midshires. my 2 year term was up in april.
still havent done anything about it as the payment dropped to £555 per month, from £682.

I have 10 years to go, and overpay to reduce the years left.

I've no idea what to do, perhaops the tracker, I have thought about interst only to free some cash, but don't know what to do.

[Latman]

What is a good site to compare mortgages these days?
Mine has just ended and looking to renew. Preferably without paying any fees.

[rebrabuk]

My 2yr tracker (2.85%) with Santander is due to expire and they offered me a 2yr Fixed at 4.19%.

I've applied to remortgage to Leeds Building Society on their 2yr Fees Assisted Discount Mortgage (2.75% below their SVR), which worked out to be a rate of 2.94%.

I looked through tons of mortgage lenders deals but very few were offering anything below 4%.

My LTV is 75% for reference.

[flumperino]

4% is shocking when the base rate is 0.5%. Robbing bastards.

[ratty]

i have a few people at work who are fixed in at 6% as they fixed completly at the wrong time, these were the old 100% mortages.

mines currently a baserate tracker + 1%

[ant3b]

Mine is 2.5 % now. 314 a month.. not sure many deals will be better.

Infact I just had a gander at barclays ones and wow... for the same mortgage they want 491 a month?? WHATTTT!!!!

[liveseytowers]

Funny you say that Ant, i'm looking for one at the moment and Barclays seem the cheapest but its still 3.8% which is why its more than what you pay. You'd be mad to move from your deal.

[ant3b]

I was just checking mate to see if any are better and well no is the answer to that

[Rick Sanchez]

I'm new to mortgages but don't you get penalized for over paying?

[Nibb]

I'm new to mortgages but don't you get penalized for over paying?

In certain cases...you have to check the small print.

My fixed term deal allows me to overpay 10% of what the balance is at the start of each year. Then you can spread it monthly!

After the 2 year term is up I normally pay off a bigger lump sum (via savings) and start again but paying the same amount and overpaying the maximum.

My mortgage was 90K in 2006 over 23 years.....I intend to have cleared it by 2020

[ZX7R]

Had to renew ours back in May/June and went with Yorkshire Building Society. Got 3.24% fixed for 3 years.

[liveseytowers]

Had to renew ours back in May/June and went with Yorkshire Building Society. Got 3.24% fixed for 3 years.

Whats the rate after the 3 years? When I was looking I noticed the ones with the lowest rate went up to 5%+. I've gone with Woolwich at 3.8% fixed for 2 years and then 3.9% after that. 3.24% for 3 years is a good deal though, top job.

[Nibb]

Mine is 3.59% for 2 years then to 4.24% after that with Britannia....then I ask for the best deal to stay with them as staying with the same provider obviously avoids fees.