Been lazy, pls kick me up the a***! :-)

richleeds

Hi everyone


Im currently with Bank of Scotland and know there are better deals elsewhere, but havent bothered looking, Im not tied into BOS so free to move with no penalties. I have told them I am moving provider to see if they can give me a better rate (currently 5.65%) but no great new rates have been forthcoming.

Mortgage has 18 years to run and costs us £352 a month, but we could afford to pay say £500 a month to finish it off quicker. Balance is just £46000 and and property valuation around £240,000.

From a point of view about rising rates, im not fussed about taking a fixed rate for security, as if the rates rise a few points then it will not kill us financially, im also not overly bothered about swapping every few years.

Dont need any cashback and dont really needed added flexibility like holidays etc.

Im thinking about the Nationwide tracker, which is 0.18% over base for life, this gives us a monthly payment of £321, with £498 of fees.

Also looking at Abbey and Skipton but both are slightly higher at 0.49 over base.

Not sure tracker is the way to go, or if anyone can beat Nationwide, but as im just dipping a toe in the water, any advice/comment/warning from you mortgage experts would be most welcome!

cheers

rich

herbiesjp

Indeed as the mortgage is relatively low - any fees to leave BoS and any new set up fees will have an overall impact.

On that Loan to value however, you will have the pick of the market open to you. Have you looked at any fee free deals?

lilyann1

I have been looking at new mortgages for ages.
Woolwich or Barclays lifetime tracker is 0.19% over BOE base rate,making it 4.94% at moment,with no fees or they do a 10 year fixed at 4.98%,fee £595.
Those rates look pretty competitive for me.Remember to check out the APR when looking as this is the amount it will cost overall.

kenshaz

lilyann1 wrote:

I have been looking at new mortgages for ages.
Woolwich or Barclays lifetime tracker is 0.19% over BOE base rate,making it 4.94% at moment,with no fees or they do a 10 year fixed at 4.98%,fee £595.
Those rates look pretty competitive for me.Remember to check out the APR when looking as this is the amount it will cost overall.

Still looking for a mortgage ,this is another thread for you to follow,have you done a search on charcol yet,interest rates will have changed if you do not get your skates on

richleeds

lilyann1 wrote:

I have been looking at new mortgages for ages.
Woolwich or Barclays lifetime tracker is 0.19% over BOE base rate,making it 4.94% at moment,with no fees or they do a 10 year fixed at 4.98%,fee £595.
Those rates look pretty competitive for me.Remember to check out the APR when looking as this is the amount it will cost overall.

thanks for those, just checked them out but sadly minimum lend is £50k and i need a bit less

herbiesjp

You can borrow the £50k and then immediatley pay back the surplus via a capital repayment

richleeds

Good point - so is it a good deal?