Is this mortgage deal any good or is there better out there?

bethg2009

Hi, just wondering if anyone can let me know if this is a good mortgage deal to go for?? It is from ING.

I am looking for a mortgage where my payments are going to be approx £430-£460 per month thought this looked canny, any advice would be fab thanks.

Another quick question too, if we get an offer in principal from one company would that affect credit file?

Application type: Remortgage Loan amount: £60400 Term: 15 yrs Property purchase price/estimated valuation: £95000 Loan to value: 63.6% Repayment type: Repayment Product Number
of monthly
payments Product
fee (£) Booking
fee (£) Interest
rate The overall cost for
comparison is Monthly
payment(£) 3.69% fixed until 29/02/2012 8069
25
400
195
3.69%
3.8% APR
437.45

After that


3.50%

432.50

kinglewis

Looks like a decent deal..

Check on here (Leeds Building Society may be slightly cheaper)...

http://www.fsa.gov.uk/tables/bespoke/Mortgages

Money_Saving_Professional

Hi Bethg2009

I found a slightly better rate:-

3.15% 2 year fixed
£421.48 per month
£1,208 arrangement fee - can be added
£30 telegraphic transfer fee - can be added
£250 valuation - up front
Free legal fees.

To answer your other query, most credit searches put a footprint on your credit file so multiple footprints is a red flag to lenders if you've been "shopping around".

Hope that helps.

Regards.


Teresa


This information is subject to you having a good credit history and sufficient income to service the loan. It does not constitute an offer of loan or financial advice and any information should be considered in regard to specific financial and personal circumstances.

bethg2009

Money_Saving_Professional wrote: »

Hi Bethg2009

I found a slightly better rate:-

3.15% 2 year fixed
£421.48 per month
£1,208 arrangement fee - can be added
£30 telegraphic transfer fee - can be added
£250 valuation - up front
Free legal fees.

To answer your other query, most credit searches put a footprint on your credit file so multiple footprints is a red flag to lenders if you've been "shopping around".

Hope that helps.

Regards.


Teresa


This information is subject to you having a good credit history and sufficient income to service the loan. It does not constitute an offer of loan or financial advice and any information should be considered in regard to specific financial and personal circumstances.

Thanks who is the lender?

kinglewis

Be wary of free legal fees.. it usually means in house solicitors which are often telephone based and not the best. If you get the option see if they will give you cash towards your solicitor fees and use a local one.

Money_Saving_Professional

Hi BethG

The lender is a well known, high street lender.

With regard to the legal fees, they would use a panel of solicitors (not in house) who are geared up, have all the systems in place (where local solicitors may not) and do nothing else but conveyancing. So, although you don't necessarily get the personal contact, its a slick process and usually cheaper than a high street solicitor.

There is the option of a £200 cashback with this mortgage if you'd like it, but would have to be repaid if you came out of the mortgage before the end of the 2 year fixed rate period.

Hope that helps.


Teresa

VIGILANT22

bethg2009 wrote: »

Thanks who is the lender?

The "£200 cashback" sounds like Alliance & Leicester

needtechelp

Money_Saving_Professional wrote: »

The lender is a well known, high street lender.




Teresa

Hi Teresa

Who is the lender then?

Why post all the information without the lender name?

Money_Saving_Professional

Because, like many Mortgage Brokers and Independent Financial Advisers that use this site, I'm not only giving information away for free on other threads, I'm also looking for business. I'm a believer that you get back what you give but, likewise, if we gave away too much, we'd get nothing in return. See Martin's thread on the benefits of using a mortgage broker. People can and do research the market themselves, but aren't able to tap into products that are available solely through intermediaries. On the other hand, we are up against lenders in a very much dwindled market that offer the same rates both direct to the public and through intermediaries hence the reason we don't always reveal the lender at outset.

The initiator of this thread wanted to know whether or not they'd found a good deal or not. I've told them that there may be better rates through an independent mortgage broker. They're at liberty to find out more or take this up further - either through myself or a mortgage broker elsewhere - or proceed with the deal they've already found.

val24

I can see much better deals on todaysbestmortgagerates.co.uk
Cheers,
V.

Money_Saving_Professional

Yes, if you want a variable rate of 75% loan-to-value or above!