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6.34% Rate for 10 year fixed
Options

divadee
Posts: 10,609 Forumite


current fixed rate mortgage with the abbey is up end of this month. Just called them to inquire rate options they would have for us and they have offered a 10 year fixed rate of 6.34% with £199 booking fee. We have a 38,000 mortgage on a house worth £250,000 so lots of equity etc...
Is this a good rate taking into account the booking fee etc....
Any advice appreciated. ;D
Is this a good rate taking into account the booking fee etc....
Any advice appreciated. ;D
0
Comments
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did you really want a 10 yr rate ??
If so There are cheaper around
for exmaple
Britannia
Derby
HSBC
N&P
L&H
Woolwich
some with "remtg fees " package
but would need to number crunch even these will incur some fees
( ie Abbey to close, booking fee, minor costs)
although even a small % per year would add up ovr 10 yrs
..
Again though I ask do you really want 10 yr fixed?Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
yes payless do want a 10 year fixed rate want to be able to know exactly how much we are gonna have to pay out need to for budgeting.0
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OK
then look at the deals on the comparison sites / or maybe the lenders listed and look at othrer rates
comparing the set up fees
its going to cost a bit to leave/ set new deal, even on a free legal/val deal, but if you get a good rate over 10 yrs , there could be savings - need to number crunch
will depend on a number of factors (inc interst only or repay?, term outstanding)Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
I have looked at britannia and Leeds and holbeck and the fees involved are enormous britannia wanted over £1000 and l&h wanted about £800.
I have got a standard repayment with 21 years left and would prefer to keep these terms the only other one i was interested in was A&L 5 year fee saver but would really prefer 10 year.0 -
http://www.moneysupermarket.com/Mortgages/MortgageDetailsNew.asp?id=4943&LENDER=1&TRUCOSTYRS=21&1MONTHPAY=263.13&APR=6.0
15yr fix at 5.89%
£285 valuation fee refunded on completion with £250 cashback according to details
is there no way you can pay more off, seems a bit of an odd situation to lock yourself into such a long term for a relatively small amount compared to your house value?0 -
cant get that link to work woby tide can you tell me which lender it was with?0
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How odd, still seems to work on my PC, anyway it was Yorkshire BS
Product Details
5.89% Fixed until 31/10/2019
Lender: Yorkshire B S
Initial Rate: 5.89%
APR: 6%
Type: Fixed
Until: 31 October 2019
True cost over 21 year: £
Monthly repayments: £263.13
Lender's Base Rate: 6.3500%
Portable : Yes
Incentives: Total valuation fee will be refunded by the lender.
Free Accident, Sickness and Unemployment Insurance for 6 months.
Cashback: £250 paid to you on completion.
Redemption Penalties: 5% of original loan before 31/10/2006, 4% of original loan next 5 year, 3% of original loan next 4 year, 2% of original loan next 4 year
Product Costs and Fees
Paid upfront Added to mortgage On completion
Valuation Fee: £285.
Booking Fee: £0
Arrangement Fee: £0
I've tried a !!!!!! version of it to see if that helps
http://!!!!!!.com/4osh70 -
Ok £1000 fees but based on pure interest
its 0.65%pa cheaper than the abbey deal x 10 yrs would save much more
he Norwich % Pete deal and poss some others have fee assisted products, which may suit your loan size
the problem link to Woby's YBS deal may be due to cookies/ users ID as it does not work for me either
however see
http://www.ybs.co.uk/mortgages/current_products/products/589_fixed_311019_feeassist.jsp
for lenders own pageAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
thanks for all the advice will sit down tonight and number crunch (oh what fun ;D)0
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Something to consider here. If you can get a five year fix at a lower rate, you will have lower payments.
If you are on repayment, you can shorten the term of the mortgage to a term that will bring the payments up to the level you would have paid on the longer fixed rate. This will reduce your mortgage balance more quickly, and even if rates are higher in five years, you will owe less.
If you are on interest only, you can take the extra money (from the lower payments) and reduce the balance (if allowed without penalty) each month, or save it until the end of the fixed rate period, and then reduce the balance.
After five years, you will need to remortgage again, but you will owe less, so even if rates are higher you might still be quite a bit ahead.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0
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