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Capped mortgages and LTVs
newlife01
Posts: 20 Forumite
Hello everyone,
I've gone onto websites to look at mortgages. I like the security of knowing what my monthly repayments would be but want to take advantage of the low interest rates at the moment so thought that a capped rate mortgage would generally fit my purpose.
However, I cant seem to find any capped mortgages. Are they just not offered anymore? These are early days for me but I think I have 40 - 50% deposit and thought I'd get a better deal with a larger deposit but the lowest LTV seem to be in the range 65%; so am I under a misconception on this one?
Many thanks,
Newlife
I've gone onto websites to look at mortgages. I like the security of knowing what my monthly repayments would be but want to take advantage of the low interest rates at the moment so thought that a capped rate mortgage would generally fit my purpose.
However, I cant seem to find any capped mortgages. Are they just not offered anymore? These are early days for me but I think I have 40 - 50% deposit and thought I'd get a better deal with a larger deposit but the lowest LTV seem to be in the range 65%; so am I under a misconception on this one?
Many thanks,
Newlife
New Mortgage: September '10 - £71,400
3yr goal: September '13: £61,400 (ACHIEVED)
Goal for June '15: £42,900
Goal for June '16: £38,500
Goal for June '17: £34,700
Goal for June '18: £31,300
3yr goal: September '13: £61,400 (ACHIEVED)
Goal for June '15: £42,900
Goal for June '16: £38,500
Goal for June '17: £34,700
Goal for June '18: £31,300
0
Comments
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ITL (Stroud Swindon BS's intermediary arm) have a tracker deal which is base plus 3.39% capped at 5.99% and collared at 3.5%. They're no where near as common as they once where.
Considering you can fix at about 1% lower than the starting rate it would seem a bit of a no brainer to me reallyHappily an ex mortgage broker!0 -
Old fashioned product, they come and go, you never know they may come back with the 90s!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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