Fix for 2 or 5 years?

Squish_21

Cracking deals you've got there. If you wanna feel pretty 'safe' while the UK goes to pot then i'd go for the 5yr.

Joe_Bloggs

@carteruk
You will pay tax on the loan as it is seen as a benefit in kind by HMRC. The tax is based upon the difference in the official HMRC interest rate (6.75%) and the interest interest rate you are given by your employer. The good news is the official HMRC is set to be set at 4.75% from March 1 2009.

I have heard that some lenders are loathed to lend on new builds as there is little track record to gauge what the property is worth.
J_B. I could be wrong and probably am.

learning_to_save

andyyorks wrote: »

Cheers for the replies, I'm remortgaging so not available to me. It is encouraging though that the rates for long term fixes are coming down, will keep looking!

They have rates for re-mortgaging also, they have different rates for purchases and re-mortgages also different rates depending on the ltv. The one for re-mortgage are better than for purchases see post no 16 for link ( I think no 16)

hope this helps,
lts

mikeopvc

Hey Vkay
what does Tess say:D

VKay

Who's Tess??

By the way, what i didn't understand is that those deals are DIRECT and can't be taken up through a broker. Therefore I'm not going for them simply because I need a bit of 'hand holding' which I think I won't get at a bank!
So stuck with slightly higher rates but a very nice lady to tell me what to do!

lauren1983

Hi Vkay

If you are looking at the same mortgages as me then yes it can be transfered to another property("subjects to terms and conditions"). Not that i understand the in and outs

Like you i also need abit of handholding but ive found the bank very helpful.
I took my last mortage out with the same bank and also did that direct with them and i had no problems at all.
Personally i like to deal with them direct as i know where i am then!

Hope you get sorted soon. Have you found a house you like??

lauren

VKay

Hi lauren,

Yes we had an offer accepted about 10 days ago- we jumped on a house that is large but needs redecorating throughout. Don't know if we got the best price but i think it's fair- paying about what the houses were selling for in that road 3-4 years ago.

Now we have a mortgage in principle and meeting IFA today to get it moving properly, have instructed our solicitors- the money spending has begun!

How are you getting on?

nesssie1702

If you're worried about moving within the 5 year period, just make sure that the mortgage is portable.

This happened to us, bought a new house in 2004 and didn't have a word about moving and took out a 5 yr fixed rate on it In 2006, a job opportunity came up that was too good to miss out on, so we relocated 300 miles away. Sold the house and lived with my parents for 3 months until we found a new property to buy (:eek:)

The mortgate company let us take a 6 month holiday on our existing deal until we found a new property and so long as we didn't borrow any less than what was currently outstanding on our mortgage they were happy for the product to switch to the new place.

The 5 year fixed is coming to an end in June, so already keeping my eyes out for new deals available and we'd prefer to fix again for another 5 years.

VKay - good luck with the redecorating! We needed to do that too in our new place!

lauren1983

HI Vkay,

Congratulations :j Bet you are realy excited!!
Glad you got everything sorted!

We have got a few viewings this weekend one renovation and another thats abit above what we wanted to pay but is perfect for us!!
You never know we might beable to put a good offer in

If you dont mind me asking... Did you get much reduction from the asking price?

Lauren

froggy27_2

reading this thread with interest, as hv just gone for a 5yr fixed at 4.69%... could have gone 3yrs at 4.49%... no fee as am already a customer... does that sound ok?