Britannia Mortgage

gitch01

Hello all
my 5 year fixed rate (5.49%) with britannia ends in June 09.
my mortgage is around £48500. i have 12 years left to run
Britannia are doing a 10 year fixed at 4.99% without any fees.

i've looked at other lenders offers but they all want hundreds of pounds, even thousands to set up / arrange etc.

i'm no expert but it seems to me that the britannia offer is a pretty good one.
i know rates will go down a bit more over the next year or so but after everything
gets back to normal (hopefully) rate will start going back up.

any advice would be appreciated

thanks

cal1_2

gitch01 wrote: »

Hello all
Britannia are doing a 10 year fixed at 4.99% without any fees.

Hi Gitch01

I read your post so had a look on the Britannia website, this is what I found. I'm in a similar position to you. Where did you see the 4.99% ?? - sounds a good deal:D


10 Year Fixed Rate Mortgage

Option 1
Less than 60% Loan to Value:

5.29% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 5.4%APR.

60% to 80% Loan to Value:

5.49% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 5.5%APR.

80% to 90% Loan to Value:

6.59% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 6.4%APR.

• No Arrangement Fee and No Administration Fee
• Early repayment charges apply for the first 10 years

Option 2
Less than 60% Loan to Value:

5.69% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 5.7%APR.

60% to 80% Loan to Value:

5.89% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 5.8%APR.

80% to 90% Loan to Value:

6.99% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 6.7%APR.

• No Arrangement Fee and No Administration Fee
• Cost of first standard valuation paid by Britannia
• Early repayment charges apply for the first 10 years

If you're Remortgaging:

• Solicitors costs including compulsory disbursements paid by Britannia

Lister_2

They deffo had 4.99% for 10 years last week as it was offered to me too. We have just fixed at 4.89 for 5 years with them.

neil40

Lister wrote: »

They deffo had 4.99% for 10 years last week as it was offered to me too. We have just fixed at 4.89 for 5 years with them.

This rate is only for existing customers(wish i was one! -good deal!)....Neil

gitch01

yes sorry forgot to mention its for existing customers only.

so do you guys think that this is a good deal and i should go for it

i cant see me saving that much money on getting a remortage elsewhere with
the cost of the fees.

my actual outstanding amount is £46925

tux130582

are there any terms any conditions as to what makes you an "existing customer"?

gitch01

i think you have to have been a customer for 6 months or more
i've been with them for 12 years so no problem.

they are also doing a memebers 3 year fixed for 4.69%
and a 5 year fixed for 4.69% as well.
no costs involved.
early repayment fees apply to all the products.
however i cant see that being a problem as taking a fixed for a amount of
time then you are not going to be repaying early.

if i take a 10 year that takes to to 2 years from the end of my mortgage.
and assuming i'm still in job i can easily make some overpayments.
probably £50 a month

also i've just remembered that i am going to cash in my endownment which is
around 8500-9500. not checked it since last august. its cash in was nearly 10000 then. i assume it will be less now

Lister_2

neil40 wrote: »

This rate is only for existing customers(wish i was one! -good deal!)....Neil

Weird. I'm sure it used to be on their website in the general fixed rate area (it's just in existing members now), and it was offered to us last week in branch even though we are new customers.

I guess they've only just pulled it, or mebbe the mortgage advisor made a mistake.

cal1_2

Thanks everyone:D
It's in the existing members section, i've copied the section

10 Year Fixed Rate Mortgages

• Are you concerned about interest rates creeping back up? Then a fixed rate mortgage may be suitable for you. You'll be able to budget more easily knowing that your monthly repayments will not change during the fixed rate period.
• It is possible that variable rates could fall below the 10 year fixed rate and that over the fixed rate period an alternative product could work out cheaper.
• Available to Existing Borrowers looking for a new deal.
• Early repayment charges apply for the first 10 years.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON YOUR MORTGAGE
10 Year Fixed Rate Mortgage

Option 1
4.99% Fixed for ten years, followed by our Standard Variable Rate, currently 4.99% variable for the rest of the mortgage. The overall cost for comparison is 5.1%APR.

• No Arrangement Fee and No Administration Fee

Think i'll have a chat with them

dimbo61

As you already have a long term fix for the last 5 years at 5.49% could you get the figures to reduce your mortgage to 10 years and see how much extra that would cost you each month ?
4.99% fixed for the rest of your mortgage !!
If thats is too much each month consider cashing in you endowment and paying off some of the mortgage to reduce your monthly payment.
The endowment was taken out to help pay off your mortgage ( was it not ! )
Big decision so you might want advice from a whole of market broker !!
GOOD LUCK

gitch01

yes it was taken out for the mortage but its around 15000 short.
i've tried to get compo but they had it in writing that we discussed shortfall.
although i was under the impression that shortfall was going to only be 3000 at the most
if it performed as the lowest percentage. i didn't realise that it could be more.

if i cash in the endownment and pay off 8000 and change to repayment then my monthly costs would be only an extra £30 a month but i would be paying of the
mortgage instead of relying on a crap endownment.
if the cash in value is more then i pay off more