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West Brom Fixed Rate
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salsa1
Posts: 219 Forumite
My 2 year fixed mortgage with Coventry BS is coming to an end in September. West Bromich BS have a 2 year fixed rate at 4.99% with no arrangement fee and all fee's paid.
The local Birmingham branch are also giving £100 cash or £125 House of Fraser vouchers with all new mortgages or remortages.
What do you think of this offer?
The local Birmingham branch are also giving £100 cash or £125 House of Fraser vouchers with all new mortgages or remortages.
What do you think of this offer?
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Comments
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see the post from vale at 4.48pm......and then the window licker said to me...0
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Do you mean the Halifax deal.
That arrangement fee is £599, this is NIL and all fee's paid.
Do you think it is any good or not?
Thanks0 -
Yes, I think that's the one knuckledragger's talking about. It's a good rate for larger loans.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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My mortgage is £70K so do you think I should go with the West Bromwich?0
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salsa1,
I had a quick look on https://www.moneysupermarket.com
The Abbey do a 2 year fix at 4.59% see below:
It looks like it costs you £659+ solicitors fees but you get £1350 back. So assuming your solictors fees aren't above £691 (which they shouldn't be) then you'll be in profit cashwise and saving 0.4% on your monthly repayments. I hope my figures are correct.
Lender Abbey
Product Name Fixed 2 yr B163H/R BP
Type of Mortgage Fixed
Initial Rate 4.59%
APR 6.5%
Max LTV 75%
True Cost Over 2 Years £6,212.72
Monthly Repayments £269.28
Scheme Duration To October 2007
Lender's Base Rate 6.75%
Portable Yes
Incentives £1,100.00 of the valuation fee will be refunded by the lender.
Cashback £250 paid to you on completion.
Early Repayment Charge 85 days gross interest for scheme period
Number of monthly repayments 27
Product Costs and Fees
Valuation Fee £260.00 Paid upfront
Booking Fee £399.00 Added to mortgage on completion
Arrangement Fee £0.00
Total Amount £260.00 £399.00 £0.00...and then the window licker said to me...0 -
Thanks for all your help. I will look into the Abbey mortgage.0
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salsa1 wrote:My mortgage is £70K so do you think I should go with the West Bromwich?
Impossible to say based on the limited information, however if we take 2 theoretical remortgages (not any particular lenders just examples) and assume the mortgage required is £70000 on capital and interest over 23 years:
Scheme A. Interest charged at 4.40% for 24 months, free legal & Valuation, £500 set-up fees, £100 mortgage discharge fee. (interest calculated daily)
Scheme B. Interest charged at 5.00% for 24 months, free legals & Valuation, £0 set-up fees, £100 mortgage discharge fee, £225 Cashback. (interest calculated daily)
Ignoring any other features that may be available/required, the True Introductory Interest Rate charged (including all cost) on SchemeA is a more competitive over the initial rate period than SchemeB. (with a smaller mortgage the reverse would be true)
You may wish to consider Nationwide. (I must stress this isn't a recommendation and if you are unsure in any way you should seek personalised advice.)I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
knuckledragger wrote:salsa1,
I had a quick look on https://www.moneysupermarket.com
The Abbey do a 2 year fix at 4.59% see below:
It looks like it costs you £659+ solicitors fees but you get £1350 back. So assuming your solictors fees aren't above £691 (which they shouldn't be) then you'll be in profit cashwise and saving 0.4% on your monthly repayments. I hope my figures are correct.
Lender Abbey
Product Name Fixed 2 yr B163H/R BP
Type of Mortgage Fixed
Initial Rate 4.59%
APR 6.5%
Max LTV 75%
True Cost Over 2 Years £6,212.72
Monthly Repayments £269.28
Scheme Duration To October 2007
Lender's Base Rate 6.75%
Portable Yes
Incentives £1,100.00 of the valuation fee will be refunded by the lender.
Cashback £250 paid to you on completion.
Early Repayment Charge 85 days gross interest for scheme period
Number of monthly repayments 27
Product Costs and Fees
Valuation Fee £260.00 Paid upfront
Booking Fee £399.00 Added to mortgage on completion
Arrangement Fee £0.00
Total Amount £260.00 £399.00 £0.00
Important Note***********
The wording is wrong.
It is "Valuation Fee refunded up to £1,100!"
Not £1,100 refunded for valuation.
Therefore, it is nowhere near as good as explained I'm afraid.
Otherwise everyone with small loan remortgages would be jumping into this and making Abbey go bust!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I am so confused
£70K mortgage over 12 years. At the moment 62K endownment and £8k repayment.
But we are looking to change it to £50K endownment and £20K repayment as endownment is not performing.
Anybody got any recommendations - I know that they are all suggestions and we will look into everything before we choose.
THANKS to everyone for their help so far.
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This must be a fairy good deal with NO arrangement or other fee's to pay.
4.99% fixed for 2 years - No arrangement fee.
Does anyone know any other decent deals with no arrangement fee.
Thanks0
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