Is this a good deal

pandajen

Our current mortgage arrangement is due up in September, so I rang London & Country and have been given this as the best available deal.

Nationwide at 6.18%. No legal or survey fees. £599 setup fee. Fixed rate for 2 years.

Our house is currently on the market, so we need a portable mortgage. My question is, is this a good deal in the current climate, or should I shop around a bit more?

Thanks!

JF77

Looks about right for this climate. You say you may sell and, one thing I would be wary of is the fact that portability is not guaranteed. Your circumstances may change or the Nationwide might tighten their lending criteria. Another option could be a Life Time Tracker with no exit fee such as HSBC Base Rate + 0.79 (5.79%) £599 booking fee which you could port or leave easily.

What is your LTV? it would need to be 90% for the above deal.

pandajen

Thanks. we need to borrow £172,000 and house is on the market for £230,000, but I would hope value would be closer to £250,000. Who decides the value??

JF77

The surveyor Nationwide appoint (or which ever bank you choose) would decide on the value and, your LTV is fine.