Post Office Mortgage 5yr fixed

fraser

just looking at this deal and want to secure the product, however the AIP is only valid for 30 days?

We have not sold yet, so is it worth going for the product we want now? or do I have to wait and potentially have a product with a higher rate (expecting 5 yr fixes to climb)??

Vertigo1

steve_hurst wrote: »

Heres your answer:-

When you make the formal application online you have to pay the survey fee there and then!!! You have no choice!!!

Obviously you are not committed to the loan until you sign on the dotted line but you have committed your (in my case) £270.

Hope this helps.

Yeah thanks for that - don't recall reading anything about a £270 fee but then I did do it in a bit of a hurry.

So, if I proceed with the mortgage is the £270 refundable or is that just gone whether I proceed or not? Obviously makes a difference as the total goes up to £869 (£270+£599) although the £599 can obviously be added to the loan amount.

fraser

fraser wrote: »

just looking at this deal and want to secure the product, however the AIP is only valid for 30 days?

We have not sold yet, so is it worth going for the product we want now? or do I have to wait and potentially have a product with a higher rate (expecting 5 yr fixes to climb)??

talked to the PO this morning and the AIP does not secure the product in anyway, they can do the AIP and as long as the product is still around they will honour it up to 3 months. This helps us a little with viewings etc.

Vertigo1

Can someone point me at any info on this £270 valuation fee as I can't see anything (probably me being dimwitted).

daz4142

Hi All,

My first post here so will try to be brief. I have been looking for a good 5 year fixed rate . Currently the best I can see is this Post Office 4.15 fixed for 5 years. Are there any others out there I should consider. Im currently ony 1 year in to my existing 5 year fix but thats is at 5.59% and this would make a lot of sense to change ..:j

damianmkv_2

if you are 1 year into a 5 year fix, I guess the penalty clause to get out would be considerable ? If you have a ( say ) £180k mortgage, I guess you'd save £120-£140 per month by changing to a new rate ? I'd guess the savings would be marginal once you take into account penalty fees, new mortgage fees, valuations etc

fraser

Vertigo1 wrote: »

Can someone point me at any info on this £270 valuation fee as I can't see anything (probably me being dimwitted).

the valuation fee scales on the price of the home being bought I think

mine was £470 on a 360k house

it will be shown in the key facts illusatration

Vertigo1

fraser wrote: »

the valuation fee scales on the price of the home being bought I think

mine was £470 on a 360k house

it will be shown in the key facts illusatration

So it is, need to learn to read more carefully!

I also notice there are other fees in there which bring the grand total to a whopping £1229 !! A hell of a lot more than their £599 publicity would lead you to believe and makes the deal somewhat less attractive.

daz4142

The fee is 3% of the mortgage BUT my idea is to fix in to a better rate and then reduce the term of the mortgage so my papyments are the same as now. I wont save any money straight away but will knock off 5 years from the term !!:eek:

RedPing1977

Note to everyone...

I've just got back from my local Post Office where I had a brief chat with their financial advisor whilst sending parcels.

The LTV rates have changed on the 5 year fix as of today...and it's not good news.
The 4.15/4.35 rate is now 60% LTV with some new products available ranging from 4.99 - 5.40 at 80% LTV.

Back to the drawing board for me.

Any other good 75% LTV rates out there less than 4.5%?