* Which mortgage have you chosen? *

CharleneUK

Hi all, first time buyer here. I've been researching for days, but the choices are a bit pants at the minute.

I just wondered who you decided to go for and why, and what the mortgage deal was?

We've had a best bet at Skipton BS.

happybroker

choices aren't great your right. I don't think you need telling it all depends on your deposit but try to keep a few other things in mind rather than looking at rates.

the variety of charges made like applicaiton fees, higher lending charges, valuation fees, legals can all make a difference to what's suitable.

Your obviously keen to sort this yourself but there is no harm in seeking advice, try and find a quality whole of market broker and pick their brains.

Good luck

PeteHi

Our discounted fixed rate is due to expire in August and we need to remortgage. It seems like Ive done nothing but compare mortages for the past week:mad:... but thanks to advice on this site have decided fixed is the way to go for me (guess it all depends on your personal circumstances) as I cant see things improving in the short-term, and it would only take interest rates to go up slightly before you'd be worse of on a tracker etc

I was initially looking at 2 years, but cannot be bothered with all this hassle remortgaging and paying the fees again in 2 years time, so decided to go for 5 year fixed.

Taking into account the fees, First Direct was the best offer I could find @ 6.29%. Skipton, Britannia and HSBC not far behind.

We have an offer in principal off them, so should have a decision with the next week. Just sweating over the salary multipliers and the LTV% at the moment

CharleneUK

Thanks for such quick responses!

Happy broker, I could kick myself actually as Skipton just withdrew their 5.79 rate yesterday and I've been ooh and aah'ing for the last few weeks and now it's got me nowhere as it's gone up to 6.19!! I have been liaising with a mortgage broker, who has been great, but maybe I need to contact a few more.

Petehi, fingers crossed!! I feel the same, that 2 years is a hassle, it's just that the rates are much more the more years you add on, it seems. Bleh, it makes my head hurt! LOL.

I asked Skipton about multiples right now, and they said they go with monthly affordability, so we shall see. We probably couldn't get a first direct in that case.

I'd better not ponder for much longer, as I can see rates going up again before I get time to make a cup of tea!

tgon

I've just gone with a HSBC lifetime tracker. No upfront fee for application and survey, over-payments okay, etc. It tracks 0.99% above BoE rate. Have 57% deposit and my monthly balance sheet seems okay. All through in 2 days. Good stuff.

lisyloo

I went with First Direct 10 year tracker which was 5.99% (has gone up a bit since then).
The fees are £860 total which I think is pretty good for 10 years.

There is some risk that the rate may be higher than a tracker at some point during the 10 years, but we can overpya and offset so for us the risk is not high.

Rockydennis_2

After much deliberation I have stuck with Britannia, product switch to 5 year fix at 6.24%, fee 499. Feel much better now sorted and don't have to worry again for another 5 years! Oh yeah, no solicitor fees or valuation charge!!

newmoneysaver_2

I have just decided to re-mortgage with HSBC - 5yr fixed @ 6.29 - fees £799. This beats the quote from a whole of the market broker who could offer me 6.49 with the Cheshire Building Society - £999 fess plus legals.

Just waiting to apply tonight when hubby gets home from work.

straddie

newmoneysaver wrote: »

I have just decided to re-mortgage with HSBC - 5yr fixed @ 6.29 - fees £799. This beats the quote from a whole of the market broker who could offer me 6.49 with the Cheshire Building Society - £999 fess plus legals.

Just waiting to apply tonight when hubby gets home from work.

That deal's gone now unfortunately. It's now 6.59%. You have to be so quick!

straddie

Oh, and to answer the OP, we have applied for the FD 10 year fixed @ 6.19% but I'm not at all confident we'll be able to meet the LTV, especially in light of the Nationwide's latest house price report today. We've reserved the FD rate for 4 days but I'm starting to veer towards the HSBC lifetime tracker (+0.79%, £599 fee) instead, as we should be able to get that comfortably. By the time we know for definite about the FD LTV (and likely be rejected), all the best alternatives around at the moment will no doubt have gone!

whu

I went for the FD 5.29% offset for 5 years with fees of about £800-to answer charlenes original post i went for the offset facility as it gives you flexibility of how much to pay each month/overpayments
I know this rate has gone now but i still think the offset facility is worth considering if you get a decent rate and have some cash to offset