Cheapest 3 year (true cost) mortgage?

MM2005

Looking to remortgage and move away from the Nationwide. Can anyone recommend the best 3 year deal? This would be on a mortgage of £134,000 (house value £200,000) over 23 years. I am looking to overpay by £500+ per month also if possible so flexible would be ideal. Had a look on the search/comparison sites and best I can do for the above is £28066.76 true cost over 3 years (4.24% discounted variable with Furness BS). Beatable?

KTF

Dont forget to take into account and administration chagres and fees. The lowest rate might not be the actuall cheapest - some deals will pay your legal fees for you which can save you more money than actually taking the lowest rate you can find.

Why are you looking to move away from the Nationwide? Is it because you can only overpay by a max of £500 a month?

Ian_W

Is the Furness one available to you?

A lot of smaller BS's have a residential qualification [eg 25 miles radius of HQ] and very often have more stricter earnings criteria than the biggies. Otherwise you can get a true cost comparison over 3 yrs at https://www.mortgagegenie.co.uk with some rebate on commission. You MAY find that NW is actually the cheapest, certainly is for 2 & 3 yr fixed.

Like all brokers there are some lenders they don't cover like Yorkshire BS & Britannia so they may be worth a check via their websites.

HTH.

MM2005

Thanks for the replies. Firstly - not bothered about moving as such - but I do want to consolidate 2 mortgages into one (currently running out of sync - posted about this elsewhere) so that I have easier options to move if necessary in the future.

Didn't realise that certain smaller companies may only offer to 'local' customers.

The true cost I quoted/interest rate took into account the Furness BS fees (£674).

I've done a plan of what options are available to me staying at Nationwide, with all their interest rates/redemption fees and it still looks better to move - if I could get a similar rate of course to Furness's...

Ian_W

Can't say whether Furness does have such a policy but I do know some do. VernonBS, for eg, sometimes comes up on comparison sites but it lends only on props within 25 miles radius of Stockport. So you might want to check first.