3yr vs 5 yr fix...

homehunter

trynsave wrote: »

What about considering RBS? They have max LTV 80% @ 5.69% fxd until 31/10/14.

£299 arrangement fee, £140 valuation, £30 tt fe and £225 exit fee.

Repayment basis only, 10% overpayment p.a. & daily interest.

Only a suggestion mind. Personally I'd go with a 5yr fix for security and peace of mind. They too have a value esp if babies are on the horizon!

Good luck with your decision. Just bear in mind that you can only go with what info is available at the time the decision is made. Hindsight is a wonderful thing and rarely wrong.

Hi,
Was looking at the Natwest 5 yr. Should be the same thing as RBS? £799 arrangement - can't see the £299 fee you describe (though I looked very, very hard and willed it into being )

trynsave

Scheme details Initial rate5.69% Mortgage scheme type/termFixed until 31/10/14 Subsequent rate (variable)4.00% Overall cost for comparison 4.9%Early repayment charges Early repayment charges5% reducing to 1% until 31/10/14Basic underwriting information Purchase or remortgagePurchase Max LTV80.00% Higher lending charge threshold- Minimum loan size£25,000 Maximum loan size£-Features & benenfits Flexible features10% overpayment p/a Help with costs Cashback- Other detailsOnly available for Capital and Interest Repayments Interest charge intervalDaily Fees Arrangement fee£299 Fee can be added to the loanNo Valuation fee£140 Legal feePayable HLC Fee£0 Insurance fee£0 Telegraphic transfer fee£30 Exit fee£225 Other fees£0 Total cost Monthly payment£499.87 Scheme Length60 months Total cost over scheme£30,686 # Average cost per year over scheme length£6,137.20
Whilst every effort is made to ensure these figures are accurate they are only indicative. Please continue the process by clicking on the "do I qualify" button and produce a personalised mortgage illustration for an accurate detailed cost break down. # Total cost for product with a specified end date assumes

Sorry I just pulled the above details from Tesco Compare http://www.tescocompare.com/mortgages.shtml and assumed they were up to date. Perhaps give L&C a ring on 0800 694 2444 to confirm situation.

homehunter

Ah, I see it now! Excellent idea, will call them...:T

...EDIT!

And the verdict is in: we opted for the 5 year fix in the end. The advice about weighing up pros and cons of fixing, and info about ERCs and how they work, was what ultimately helped us to decide. Called Natwest and we were approved subject to valuation after an ear-melting hour on the phone! Went for a full structural too, as there are a couple of things we want looking at in terms of bits we want to work on and extensions already done. Also useful for someone to spot the things we might not as FTBs, so worht the extra cost. Was pleased to discover that we don't have to pay the basic valuation fee on top, though a year ago, we would have!

Thank you so so so much to everyone on the forums, fantastic, really helped us out!