First direct fixed rate.Too good to be true??

newyummymummy

Purchasing house £249,950. Have £100,000 deposit and i am looking at a fixed rate mortgage. Think have found a good deal with FD with rate of 3.89 and with no arrangement fee and minimal booking fee. Is this too good to be true and do you think i have missed some hidden charge. Seems extremely competative even compared to lower term fixed rate deals. This is a five year deal

opinions4u

Co-op and FD / HSBC have been there or thereabouts in the 5 year fixed market recently.

I'm not aware of any catch (although beware valuation coming in low and any impact that could have on your deal).

Good luck .

Thrugelmir

Providing you meet the lending criteria then rate is as good as you'll likely to get for a 5 year fix.

newyummymummy

thanks for the tips. as for valuation the house is a new build so should that make things less complicated?

GMS

New build is likely to be valued at less than the purchase price as it will be valued as 'second hand'

opinions4u

newyummymummy wrote: »

thanks for the tips. as for valuation the house is a new build so should that make things less complicated?

Builders have been known to overvalue their property.

So assume nothing!

newyummymummy

They have reduced price from 269 to 249 so hopefully will be more realistically priced