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Help again, stressing over chosing a mortgage
sj1147
Posts: 36 Forumite
Hi i know i have previously asked for help, but very quickly we have sold our house and we have offered on the new house and been accepted. So i need to proceed with an application for a mortgage.
Purchase price 180000
Deposit 40000 LTV 78%
I have considered over 25 years
Hsbc No fees Tracker at 2.99%
Coventry who is my current lender , 2 yr fix fees £199
or broker suggests putting down extra 5 k ( which i can do but would prefer to keep that back for improvements), LTV 75%.
with a deal of a fix of 3.24% for 2 years. Fees £800
Does anyone have any comments advice etc
Thankyou
steve
Purchase price 180000
Deposit 40000 LTV 78%
I have considered over 25 years
Hsbc No fees Tracker at 2.99%
Coventry who is my current lender , 2 yr fix fees £199
or broker suggests putting down extra 5 k ( which i can do but would prefer to keep that back for improvements), LTV 75%.
with a deal of a fix of 3.24% for 2 years. Fees £800
Does anyone have any comments advice etc
Thankyou
steve
0
Comments
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"Coventry who is my current lender , 2 yr fix fees £199"
what %age have they offered Steve?Space available for rent0 -
Peelerfart wrote: »"Coventry who is my current lender , 2 yr fix fees £199"
what %age have they offered Steve?
Sorry , missed that. 4.2%0 -
I wouldn't bother Mate - Just RENT instead.
If you have read 'My Post' then you may agree.
I Will NEVER have a Motgage Again !!
All the Best of luck to you Likewise.Thomson 757 Man0 -
Is there a longer fix available? Two years seems very short, particularly with a 75%+ LTV0
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hmm, just read a another post, i am tempted due to my hesitation to apply for the HSBC tracker with no fees ano exit fee and fix if rates fall.0
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If rates fall? Rates are only going one way.0
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ruggedtoast wrote: »If rates fall? Rates are only going one way.
i meant if fixed rates fall, some think they will??0 -
I suppose you never know.0
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The stumbling block is your LTV, but at 75%, I'd go for tracker, as you say, with the option to fix when rates go higher esp if there are no fees with leaving the mortgage as HSBC implies. Thus you make hay whilst the sun shines, save as muc has you can and hopefully you can overpay and remortgage when rates start to get higher...Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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