Britannia 3yr or 5yr fix?

cal1_2

Don't forget they are open until 12 (I think) on Saturdays. I'm certainly going to be ringing them. Wonder if it is a postcode lottery??
I wonder if alesanamurphy would mind giving us part of her postcode - i'm going to pretend we are friends (well we are MSE friends:D!!!) and why is my friend being offered this deal and I am not???
Let us know how you get on Jaz 63,
will speak tomorrow, it's supper time now for my little ones;)
x

JAZ63

Ha Ha , might try to ring them tomorrow ,after doing ,sorry helping !! teenage son with his paper round. if im not too exhausted ..
will let you know if we have any joy , I favour a 5yr deal but I suspect hubby will favour a 3yr deal
have a nice supper
Jazz

Scaredy_Cat_3

That sounds a great deal - I would jump at the 5yr deal, too. What are the chances of getting that good a deal in 3 years time? Personally I think pretty low because hopefully the recession will be pretty much over and rates generally will be rising.

I spoke to Britannia last week for a mortgage quote and was only offered the standard 4.59%. I am a Britannia savings customer, but I guess this deal is only being offered to mortgage customers?

alesanamurphy

Thanks for all the replies, guys!

The offer is not on the website, I was told it is a 'special' offer for those with fixes coming to an end.

In the letter, after offering me th product, they say:

"What is the catch? well there isn't one. We just feel that it is only fair that you can benefit from the recent cuts in interest rates the same way new customers do."

They go on to add the 'exclusive' offer is only available until 22nd April.

Gorgeous_George

5 year fix - no brainer!

I have a Lifetime BofE Base Rate Offset Tracker with Britannia at +0.74% (no collar). I'd consider that 5 year fix.

GG

Scaredy_Cat_3

Just a little update. I rang Britannia this morning and spoke to the bloke who did my mortgage quote a couple of weeks ago (the 5 year 4.59% fix). I said a friend had been offered this 3.99% deal, and although I'm not an existing mortgage customer, I have had a savings account with them for years, so could I be considered?

Anyway, the answer was no. He said they are not even offering it to all existing mortgage customers.

So, my advice to the OP... grab it quick with both hands! It's a bloomin' good deal, and having looked around for mortgages these last few weeks, I don't think you'll get a better deal anywhere.

RP72

alesanamurphy wrote: »

My current Britannia 3yr fix ends in December. It is 4.99%.

Britannia wrote to me recently saying I could switch products now to a 3.99% fix FEE FREE, but I had to decide on whether I took it for 3 or 5 years. (the offer was for current Britannia customers only)

My house is valued at £230,000 and my my mortgage is currently £108,000.

Obviously I will make a significant saving, but I just don't know whether the 3 year fix gives me more flexibility, or whether the 5 year would be better to ride out the current economic problems?

Which one would you go for?

Thanks for the advice.......

Interesting, I'm in a very similar position to you, just into my last year of their 5 Year fix at 4.89% - property value £220,000, mortgage £80,000. I was rung up and offered the 3 year and 5 year at 4.29% or the 10 year at 4.59%, all Fees Free.

Wonder why you've been offered 3.99%? Our combined salary is about £45k, is yours much different? We've only been with Britannia 4 years, what about you?

Anyway we're thinking 4.29% for 5 years is pretty damn good, I'm guessing Britannia are doing this to stop people jumping ship to the likes of the Post Office deal.

JAZ63

Hi all,
well I rang up as well this morning too . we are existing Britannia customers ,and were told that the fixed 3.99% deal is only for those customers already with BBS who are coming near to the end of a fixed deal .
" apparently " only those customers who were on a higher rate ? have been offerered this "blend and extend " rate .

I was also told that it is limited (funds ?) pilot scheme until July .

I was directed to the "retention section " of Britannia for this info .
still a bit mad we cant take up this offer,but good for those that can.

regards Jazz

alesanamurphy

RP72 wrote: »

Interesting, I'm in a very similar position to you, just into my last year of their 5 Year fix at 4.89% - property value £220,000, mortgage £80,000. I was rung up and offered the 3 year and 5 year at 4.29% or the 10 year at 4.59%, all Fees Free.

Wonder why you've been offered 3.99%? Our combined salary is about £45k, is yours much different? We've only been with Britannia 4 years, what about you?

Anyway we're thinking 4.29% for 5 years is pretty damn good, I'm guessing Britannia are doing this to stop people jumping ship to the likes of the Post Office deal.

Actually it looks like you're in a better position than me with a better LTV.

Our combined salaries are £52,500, and I've only been with Britannia since I started this mortgage 2 and a half years ago, so it seems strange they can't offer you the 3.99%

alesanamurphy

JAZ63 wrote: »

Hi all,
well I rang up as well this morning too . we are existing Britannia customers ,and were told that the fixed 3.99% deal is only for those customers already with BBS who are coming near to the end of a fixed deal .
" apparently " only those customers who were on a higher rate ? have been offerered this "blend and extend " rate .

I was also told that it is limited (funds ?) pilot scheme until July .

I was directed to the "retention section " of Britannia for this info .
still a bit mad we cant take up this offer,but good for those that can.

regards Jazz

jazz

I don't think I was on a particularly high rate (4.99% 3 year fix, taken out 2 and a half years ago).

And I have been informed this offer ceases this Wednesday!