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mortgage offer -HELP !
GoonhillyGirl
Posts: 5 Forumite
I am with the Leeds Building Society and my loan amount is £170k and the value of property is £270k with 19 years left on the mortgage.It is a repayment mortgage.
My current deal with them ends at the end of this month. They have offered me a fixed rate of 4.49% up to march 2012 followed by a variable rate which is currently 5.69% with a discount of 1.69% up to an including march 2014 giving a current rate payable of 4.00%.
The loan then reverts to their SVR, currently 5.69% after march 2014 for the remaining term of the loan. They have advised that the "product application fee" is £1,068 to transfer my mortgage to the new product which seems excessive.
Do anyone think I would be better going elsewhere ? Thanks if you can help.
My current deal with them ends at the end of this month. They have offered me a fixed rate of 4.49% up to march 2012 followed by a variable rate which is currently 5.69% with a discount of 1.69% up to an including march 2014 giving a current rate payable of 4.00%.
The loan then reverts to their SVR, currently 5.69% after march 2014 for the remaining term of the loan. They have advised that the "product application fee" is £1,068 to transfer my mortgage to the new product which seems excessive.
Do anyone think I would be better going elsewhere ? Thanks if you can help.
0
Comments
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It cant do any harm to shop around to see IF you can get a better deal...ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
Better deals than that available if you met criteriaI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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try woolwich great escapes...I think our rate is 3.28 fixed or something similar but NO fee and £300 cash back as already bankedwith them...0
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Whats your current deal revert to?
LTV is ok but at 62% it might go over 65% which will eliminate some options.
Should stay under 70% unless £270 is very optimistic.
So if other criteria OK especialy income there are better deals out there.0 -
A 1 year fixed at 4.49% followed by SVR @ 4% for 2 years, presumably with tie in + £1k fee ????
assuming you still have adequate income and no credit problems, much better deals out there, get yourself to a broker asap.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My current deal reverts to their SVR at end of august which is currently 5.69%.0
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Go to the mortgages section of www.moneyfacts.co.uk.
You should be able to identify cheaper rates than those.
HSBC, First Direct and Co-op have often offered better value in recent months.0
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