The best mortgages around?

cazs

Dear all,

I am just about to buy a property (though not technically considered a first time buyer I believe as I have owned a small percentage of a buy to let property before) and I am wondering what are the best mortgages are around in others' opinion.

I have roughly 50% deposit and searching for the other 50% via mortgage.

Probably looking to go with a tracker as it seems the wiser at the moment.

Any thoughts anyone?

Thank you very much

dimbo61

Why is a tracker wiser?
Why not fixed or offset or interest only.
With so little information about you and your circumstances how do we know whats the best mortgage for you!
A mortgage is a debt and the lower the interest rate and the quicker its repaid the less interest you pay!

diable

cazs wrote: »

Dear all,

I am just about to buy a property (though not technically considered a first time buyer I believe as I have owned a small percentage of a buy to let property before) and I am wondering what are the best mortgages are around in others' opinion.

I have roughly 50% deposit and searching for the other 50% via mortgage.

Probably looking to go with a tracker as it seems the wiser at the moment.

Any thoughts anyone?

Thank you very much

In reality? !!!!!! all compared to 6 months ago.

cazs

diable wrote: »

In reality? !!!!!! all compared to 6 months ago.

Sorry, not quite sure what you are trying to say here?

cazs

dimbo61 wrote: »

Why is a tracker wiser?
Why not fixed or offset or interest only.
With so little information about you and your circumstances how do we know whats the best mortgage for you!
A mortgage is a debt and the lower the interest rate and the quicker its repaid the less interest you pay!

What would you like to know?

I think I have found a good mortgage already at HSBC but was wondering if anyone more knowledgeable than me on the topic had any ideas.

Interest only I believe to be a bit of a gamble as you would have to ensure that what you do with the cash you save earns more than it would by paying of the capital each month.

Tracker because even if the interest rates rises a few times, I still by calculation would be better off than a fixed.

Offset no because I will have so little left over monthly and am using all savings for deposit and would be better to find an account with a good mortgage rate overall.

I know how debts work, I simply thought some people may be able to give guidance.

macca64

I've just had a quick look on L and C http://www.lcplc.co.uk/best-buys/ and it seems ING do a base rate +1.85% for the life of the mortgage, so currently 2.35% on LTV's up to 60%.

ING also do base +1.54% (current 2.04%) but only for 2 years.
If you have 50% deposit you can fix at 3.14% with Nationwide for 2 years.

cazs

macca64 wrote: »

I've just had a quick look on L and C http://www.lcplc.co.uk/best-buys/ and it seems ING do a base rate +1.85% for the life of the mortgage, so currently 2.35% on LTV's up to 60%.

ING also do base +1.54% (current 2.04%) but only for 2 years.
If you have 50% deposit you can fix at 3.14% with Nationwide for 2 years.

Hi, yes I've found something v similar on HSBC, it's base + 1.89 but unlike ING there is no initial set-up cost so will work out more or less the same plus HSBC is a bit more solid I think. Thank you for looking though, there's so many options it's hard to know plus you never know what's going to happen to interest rates so it's always gambling but luckily I can pull out of this one anytime without penality.

dimbo61

But the question is will you have missed the boat once rates start to rise!
Rates have never been this low and taking a long term fixed rate deal now might seem expensive but you may well be happy in 2/3 years time.
We know you have 50% deposit great but the mortgage might still be a large cost each month out of your income.
Now I love offset mortgages because they offer flexability and the ability to build up savings in the offset account and also like the security of fixes .
first direct offer good tracker offset mortgages which allow unlimited overpayments unlike HSBC and YBS for long term fixed deals
Your call GOOD LUCK

eddiemacthedog

Just applied for the Ing lifetime tracker myself today, they wouldnt budge with the fee even though my existing mortgage is with them, looking @ £100000 loan for the new house which is valued @ £235000. Tracker seemed the most appealing to me as its only 2.35% and i will overpay as much as i can until the rates creep up then re-assess.

getmore4less

Offset no because I will have so little left over monthly and am using all savings for deposit and would be better to find an account with a good mortgage rate overall.

NO savings left and hitting the limit on income.

loss of income risk.

An offset would mean lower deposit and some saving kept back in the offset to give cash flow options(fore the small left over monthly) and some money available should income dryup for not much extra cost.

How many mortgages at 50% LTV offer better rates than at say 60% LTV




Using ALL savings with no means to rebuild is a risky stratagy