Excessive arrangement Fees on 10 year fixed mortgage?

pennyhunter

I've decided to try and get a 10 year fixed rate as I'm borrowing up to my limit, and will have no tolerance for rate hikes for some years to come.

I've been offered a 5 year or 10 year fixed at 4.69%, but whilst the former commands a £499 arrangement fee the latter commands £3400 (1% of the £340,000 I'm borrowing. This seems excessive to me, do others agree?

The broker says there that lenders do not see this as a negotiable element, is this true?

Anyone know of a decent 10 year fixed at this sort of level?

PH

MortgageGenie

Hi,

I guess you're referring to Portman for the 5 year deal and The Leeds for the 10 year one?

This isn't a recommendation however you may want to have a look at First Active for 5 year deals and Kent Reliance for 10 yrs (both come with free std legals). Your broker may not have mentioned these due to your personal circumstances.

Just though I should add that First Active's rate will be going up as from close of business today so you would need to get an AIP asap.

pennyhunter

Thanks MG!