Best two-year fix?

fatbelly

Currently being advertised on the Stroud and swindon home page at

http://www.stroudandswindon.co.uk/

It's a two-year fix at 4.15% with early redemption fees till may 08.

Is that the best one around at present?

pennies2pounds_3

1% fee on completion looks nasty.

fatbelly

Well spotted

stanmoresaver

The headline rate looks good- and a follow on of 0.99% over base is also a definate plus as is the ability to overpay by 25% without penalty- although i would hesitate to suggest that, in practice this may well be academic

The 1% arrangement fee is a definate downer, as is the fact that a val and legal fee's will need to be paid- often this could be circa £1000 for the legals and val alone.

As alway's it's about fitting your personal situation and i would venture to suggest that the initial outlay means it's not a "mortgage tart" product.

( a £200k loan would cost roughly £3000 to set up. thats the equivalent of a 0.75% rate increase to the headline 2 year fixed rate- and would cost even more in the long term when the costs are added to the loan)

If it was advertised as a 4.9% fees free deal, would you have given it even a second glance?

As i always say- that's why it is best to consult a professional adviser!

SS

avondale

In yesterdays property section of the Mail, there was an article on exclusive motgage deals. It stated that John Charcoal has a 2yr fixed at 3.99%. Overall cost of comparison is 6.3% APR. Max adv of 75%, no higher lending charge. Appears on the surface to look quite good but obviously all terms and conditions and small print need to be checked. I'm sure other posters in here with more mortgage knowledge than i, will be able to advise if this is any good.

phil_744

I would suggest the Portman BS 4.3% fixed for 2 years is quite good.

£399 fixed fee
£320 valuation fee (if borrowing more than 100'000)


The only downer is the annually interest. This would be a problem if you were paying overpayments.

As per Martins guide for mortgages, you could set it up and receive £140 off the commission.

http://www.mortgagegenie.co.uk/bestrates.aspx?IntID=mse

Any comments ?

MortgageMamma

Not a bad deal that one, but... Have you sat down and crunched how it compares to the leading fixed rate of 4.49 plus free legals (for remortgages), a free valuation and NO HLC (portman charges over 90% LTV on this product)arrangement fee £499? This is a better deal, particualrly for smaller mortgages.

As for telling mse'rs to set it up themselves through genie, you should really have said

Why dont you go make yourself £140 and take potentially the wrong mortgage, tie yourself in for a couple of years and cost yourself ££'s while you are at it. I know, why don't you apply for it even though your needs don't match portmans lending criteria. It'll only cost you £399 if you are declined!!

pennies2pounds_3

Mortgage Mamma where is that fixed rate then . I cant even find it on your website. Please enlighten me

pennies2pounds_3

Sorry just found it DOH!

MortgageMamma

thats ok! Remember if you are thinking of using this specific product run it past one of the advisors here on the board, im sure they will be happy to help.

L

Ps, do you like the mortgage tools on my website? good arn't they?

pennies2pounds_3

Yes I do like the tools, especially the one where you can calculate what the repayments will be on a daily and annual basis, didnt realise there was much difference to be honest. So the portman fixed for 2 years at 4.30% isn't any good then mamma?