4 year 4.29% fixed rate with Principality

mtommo

I'm searching the market for a new fixed rate remortgage package, my fixed term mortgage with A&L has just finished, and I think I have found what looks like a good deal;

4 year 4.29% fixed rate with The Principality Building Society

And wondered if anyone had any experience of them, good or bad??

I want to go for a fixed rate of 3 years or over, but with 75% LTV there doesn't seem to be any good new deals out there (I've missed the boat on so many!!) and just don't know what to do for the best .

PLEASE ADVISE

ukclarkkent

what are the fees on this seemingly attractive deal mtommo? ltv too please?

jacrock

Hi, I saw this deal too, the LTV is 75% and the fees are £499. It's a good offer but you can't overpay during the deal. They are also doing a 5 year deal with LTV of 60% at 3.99% but a huge £999 arrangement fee, and again you cannot make any overpayments.

00mrmark00

Are overpayments really such a big deal? As unless you are paying a ridiculous amount over, you are only ever going to chip away small amounts of interest.

You can always put the money aside and make throw this in the next time you renew. You never know, you may even get some interest by then.

Come to think of it, can you contribute additional capital when you re-mortgage???

dimbo61

Have you looked at YBS 3 year fix at 4.09 or offset fixed at 4.19 fees look cheaper as well.
I have an offset fixed with them and very happy
ALSO overpay by £500 a month so will have cleared an extra £30,000 over the 5 years ( 00mrmark00!!!) PLUS the INTEREST SAVED
Read the mortgage free board on how to clear mortgage early.

00mrmark00

Why would you want to over pay as apposed to taking the product over a shorter term... If you know you can afford the over payment from the outset. Are there added benefits? Apart from taking your own payment holidays.

CrazyHorseB

I intend over-paying rather than shortening the term because I know I can afford an extra £400 a month due to overtime, bonuses etc now but I don't know i'll be in the same situation in 2 years time.

ukclarkkent

00mrmark00 wrote: »

Why would you want to over pay as apposed to taking the product over a shorter term... If you know you can afford the over payment from the outset. Are there added benefits? Apart from taking your own payment holidays.

i see overpaying as an important factor when remortgaging because i have a choice to make an overpayment or not. if i can afford to make an overpayment one month but not the next then i won't get into any trouble for missing a payment. i'll still have paid the minimum amount. that's why i think overpayment is important - flexbility.

cbrpaul

i agree with clark , my new A+L 5 year fix 3.99 no fees , allows me to make £500 op per month and a 10% op every January , some months i may op others i may not , its upto to me !!