New Mortgage deals

Tiddler_2

cmart021 wrote: »

Going through the whole house buying thing now and have been given an offer of 7.49 fixed for 7 years from Halifax (even though it was supposed to be tracker at 2.29 over BOE base- which is still high).

Starting to annoy me now as a tax payer we in a way own shares in these banks yet they are still calling the shots!

Maybe I am mistaken and forgive me for my lack of knowledge on the subject but was there not a 60% buy out of a particular banks shares recently by the govt?

Surely they should be able to force banks into lower lending. Or maybe I am just dreaming too much.

I don't think it can be a 7 year fixed rate, as the Halifax are not currently offering any such deals. They are offering a 5 year fixed at this rate for First Time Buyers with free valuation, free conveyancing and £500 cashback. There are cheaper rates available with no "extras" so if this is the deal you have been quoted you need to review whether the benefit provided by the "extras" are worth the higher payments for the next 5 years.

Also they are only offering 5 year tracker rates at the moment.

I would say that if you are not looking to borrow 95%, then you need to speak to a Whole of Market broker to make sure that you are getting the best deal available, be aware that brokers can't/won't quote for some lenders deals though (such as First Direct, HSBC, Britannia to name just a few)