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Fixed rate Offset
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Fix_Rate
Posts: 26 Forumite
Does anyone think that a 5 year fixed rate @ 5.7% APR is a good deal? Sounds good and want to go for it but would appreciatte thoughts from others before i do!
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Comments
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How long are you tied into the mortgage and how much will be offset?
Sounds a high interest rate to me.
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Not sure if i am completely tied in but i will find out - Thanks. I assume 5 years.0
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who is the lender? what are the charges?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do i take it you think this is a good deal beimng a broker and all that? The 5.7% is the overall APR for comparison which is as i understand it the best way to compare - please correct me if i am wrong. The actual rate is 5.49%0
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I would need details of the lender, fee's, early repayment charges etc etc before I would comment to be honest. An APR is meaningless if the rest of the mortgage isnt right.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Fair enough. I have to find out a little more yet. I am mortgaged with the provider already on a fix rate due to expire. Therefore no fees etc which is obviously very attractive. Once i have things sorted i will of course advise who it is.
Sorry to be so protective its just that i missed out on a good (i thought) deal some time back and have been waiting for something similar top appear hence don't want to risk losing it. Your advice is very usefull.0 -
if it is a fixed rate offset then it is unlikely to have any penalties for over or under payments also bear in mind that swap rates have been rising a good sign that intrest rates may be on the way up
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My booking fee is £295 to secure the funds. The provider is First Direct.MortgageMamma wrote:I would need details of the lender, fee's, early repayment charges etc etc before I would comment to be honest. An APR is meaningless if the rest of the mortgage isnt right.0 -
Many thanks. I had an email from Martin saying the same as you ref interest rates also.canny_yorkshireman wrote:if it is a fixed rate offset then it is unlikely to have any penalties for over or under payments also bear in mind that swap rates have been rising a good sign that intrest rates may be on the way up
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And the early repayment charges? the exit/deeds release fee's?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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