Woolwich - 10yr Fixed Rate @ 4.98%

Moncs_2

Just been offered a great deal from Woolwich, a 10 year fixed rate @ 4.98%
£595 arrangment fee. cant see anything.

This is for a remortgage, I think the fee's are higher for a mortgage

MortgageMamma

Yep its a good product. woolwich can be a little slow to say the least at getting cases through to completion so make sure when you submit your application its fully packaged (i.e. all your wages slips and everything they request is there at the outset).

Good luck

MM

Moncs_2

MortgageMamma wrote:

Yep its a good product. woolwich can be a little slow to say the least at getting cases through to completion so make sure when you submit your application its fully packaged (i.e. all your wages slips and everything they request is there at the outset).

Good luck

MM

Thought it might be a bit to good to be true, but cant seem to see any hidden costs, 4.98% I thought was very good in todays climate

MortgageMamma

There's no hidden suprises, it really is a good product butwoolwichs admin and processing is notoriously poor. Its not been on the market long so get in now and you might have a smooth ride if they have not yet had a lot of applications for it. Don't let this put you off unless you are desperate to get off the mortgage you have now.

Moncs_2

MortgageMamma wrote:

There's no hidden suprises, it really is a good product butwoolwichs admin and processing is notoriously poor. Its not been on the market long so get in now and you might have a smooth ride if they have not yet had a lot of applications for it. Don't let this put you off unless you are desperate to get off the mortgage you have now.

Not at all, my current fixed rate mortgage with the Halifax runs out at the end of November, so it is ideal timing. Spoke to the broker today and he has sent out the forms so I should get them tomorrow/wed.

MortgageMamma

Thats all good then. good luck with the remortgage I hope it goes well for you!

MM

Moncs_2

MortgageMamma wrote:

Thats all good then. good luck with the remortgage I hope it goes well for you!

MM

Thanks, just really wanted confirmation that I was not missing anything obvious and it was indeed a good package

stphnstevey

80% LTV though - need 20% deposit

Moncs_2

stphnstevey wrote:

80% LTV though - need 20% deposit

I am re-mortgaging, approx £58k on a house value of £160k so that won't apply

stphnstevey

Some other people might see the title of this post and think it is a discussion about the product (particularly seeing as it is the lowest 10yr fixed rate on the market) - for those people, thought I would point out the major disadvantage for most people (including me !).

Moncs_2

stphnstevey wrote:

Some other people might see the title of this post and think it is a discussion about the product (particularly seeing as it is the lowest 10yr fixed rate on the market) - for those people, thought I would point out the major disadvantage for most people (including me !).

Your right, sorry about that