Hows this mortgage sound?

longwalks1

Have been looking for a while for a fixed 5 year deal and found the following:

http://www.ncbs.co.uk/mortgages/mortgages/standardmortgages/mortgages-fixed-rates.aspx

either the 2nd or 3rd ones, i see there are different fee's that are a pplicable to one and not the other, which one looks the better deal please?

kingstreet

Purchase or remortgage?

Mortgage amount?

Property value?

longwalks1

sorry forgot the important parts

remortgage

amount £131,000

Property value: £170,000

kingstreet

Sounds ok then.

As long as you can meet the completion deadline?

And one more thing. It's annual interest, so any overpayments you make aren't going to reduce your interest until the anniversary of your mortgage.

And did you want five years, as November 2015 is a bit short?

Otherwise it looks ok.

longwalks1

Thanks KStreet

Completion deadline? I wont be making any overpayments, will be investing in shares and paying some of it off whenevers best, so just before each year is up i guess will be best?

til 2015 will be OK, how do the 2 different sets of fee's look? Never remortgaged before so new to the fee's etc

Thanks again

kingstreet

The mortgage must complete by 1 June 2011.

kingstreet

On my sourcing system, the 4.69% deal shows an £895 arrangement fee and a £330 processing charge. In addition, legal fees are payable, adding perhaps another £500 to your remortgage bill.

The 4.84% offer has a £100 upfront booking fee, £795 completion fee, no processing fee and your legal work is paid for.

If you calculate the difference in payments on £131k, it's just £11.52 per month on an assumed 25 year term. Assuming 44 months payments, that's £506.88, while the additional fees are likely to total around £800.

I'd suggest the 4.84%, while slightly more expensive each month, is the better option for you.

longwalks1

Thanks so much Kingstreet, you're a star!