Mortgage for 30years

foz2000

I am looking to lend £100,000 i have a property already worth £125,000 and i was looking to have a lifetime tracker (30year term on the £100,000). I have found britannia's rate of 5.10%, does anyone know if this is a good rate?

thanks for looking.

MortgageMamma

Its a fair rate but not the best on the market. there is a lot more to mortgages than rates such as tie ins, booking fee's, higher lending charges, exist charges, early repayment charges, arrangement fee's, valuation fee's, lenders conveyancing fee's etc to consider. You also need ot look at your affordabilty, but I cannot do that for you unless you post more details about your situation/salary/outgoings etc etc

hollie.weimeraner

If you are specifically looking for a lifetime tracker have a look at Nationwide at 4.68%. Fees are roughly the same £399 reservation £99 application and £99 deed production at redemption

MortgageMamma

or even better look at the portman building society two year tracker detail as follows, much better than the nationwide deal

Initial Rate 4.29%, Bank of England Base Rate, currently 4.50%, less 0.21% until 31/07/08

Changing to Bank Base Rate (at present 4.50%) + 0.75%, for the rest of the term. Giving you a current rate of 5.25%

The overall cost for comparison is 5.3% APR

Early Repayment Charge - 3% of the balance on which interest is charged until 31 July 2008


£299 Acceptance Fee
Switch to a new Fixed rate business product by 31 July 2007, without paying Early Repayment Charges, and upon payment of the new product arrangement fee.
Available up to 90% LTV
Part repayments of up to 10% of the loan amount borrowed without Early Repayment Charge, for each full twelve month period from completion of the loan until 31 July 2008. This allowance cannot be accrued year on year and is not available if the whole loan is being repaid
Only available to new borrowers or existing borrowers moving home

foz2000

thx for your replies, i have a steady job with £14,000 and my partner is an apprentice (£7,500) per annum. I would want a mortgage thats around £400 a month, i would like to think i could pay the mortgage off early. i would also like to change banks after the rate went up but would it be worth it as i would possibly have penalties. Hopefully this will help you to help me. thanks in advance!