Whats The Best Fixed Rate Mortgage On The Market At The Moment??

confused31_2

im currently on a fixed rate for another 2 years, but with the way things are going i would just go on the svr for the next few months and hang on in there.

Theres no way interest rates are going to go up in the next 6 months so theres no need to panic.

Nationwides variable rate at the moment at 6.19 with no fee and it would work out at 983 pound a month, but like i said earlier you can jump onto a fixed or tracker product at anytime

They do a 3 year fixed product 6.14 with a fee of £299 which works out at 970 pound a month.

so by going on the fixed rate over the 3 years you would save 170 pound after paying the 299 pound fee.

But like i said i think the mortgage rate will definately coming down and i think most people think the same.

The figures above are for you borrowing 150,000 pounds and is over 25 years, hope this helps.

confused

katew87

herbiesjp wrote: »

Exactly

Ultimately it will come down to the survey/valaution as well, as to what the correct property value will be.

If it down values, you could find you fit in a 70% deal anyway

The house was up for 250k we got it for 210k, for the area and the amoutn of house you get I doubt very much they will value you it any less than what we got it for. Be great if they do though

katew87

confused31 wrote: »

you say if you pay the 3750 pound fee you will pay 50 pound less a month over the 5 years which works out at 3000 pound so you are loosing 750 over the 5 years for going with the big fee one.

and you want it over 3 years so you will save paying 50 pound a month but in reality you will be paying 54 pound on top of that more when you divide the 3750 over the 3 years

Its a no brainer go for one with a small fee if your going fised with the slightly higher interest rate and you will save about 54 pound a month, plus remember if you add the 3750 on top that will have interest put on it aswell.

I would just jump on a variable mortgage with no fee at first direct or nationwide, i know with nationwide you can jump onto a fixed product at anytime whilst you have got a variable mortgage, and i think you will find interest rates will be coming down again in the future.

confused

Ok, Im starting to understand all this int rate 'stuff' now - Thanks

I THINK Im going to go with the 5.39% fixed for 3 yrs with abbey with the 1,500k fee and put an extra 3k down to get my LTV up to 70%. I def want to fix it just for the first few years so I know my exact outgoings etc. But before I do anything Im going to do the wise thing and check with the FA later to see what he has to offer.

Thanks very much you guys have been great x:T

herbiesjp

See!

Told you there were most cost effective options!

Well done:T

katew87

Ive gone with the 3yr fixed with Abbey for 5.89 with 995 fee and 250 cashback on completion and free survey - Im impressed.