New mortgage offer

Gavsterchef

Hi there a bit of advice if you would, im coming to the end of my my current deal so not been keeping tabs on the offers and deals in the mortgage market.

Anyway ive been looking around and a company called me back today, they offered me the folling saying its a special deal and runs out on friday

its a 2 year fixed deal with santander, rate was 2.89% for those 2 years, with it going to 4.24 after the 2 years

is this as good as the guy was making out, as it seeem ok but surely there are other deals like this?

kingstreet

In my inbox this morning;-

Dear Ian, 15 June 2011

I would like to remind you that there are only two days remaining to take advantage of our exclusive market leading All Key Account Exclusives:

2 year Fixed rate, Homebuyer and Remortgage products, 75% LTV, 2.89% with a £995 fee

2 year Tracker, Homebuyer and Remortgage products, 70% LTV, 1.99% (BBR+1.49%) with a £995 fee


As well as the great rates that these products offer, also remember:

Benefit packages are included on both products.

Track and fix feature available on 2 year Tracker (Remortgage)

The max loan size is £1m.

They also carry good completion deadlines; end of September for the fixed rate product and no completion deadline on the tracker product.

it's kosher.

You've given no details of your circumstances or needs, so no way of telling you what to compare it with.

mij544

Further to the above and to add weight, have been getting these for the last week or so, I even had a call about them from my Business Development Manager to tell me about them.

Gavsterchef

kingstreet wrote: »

In my inbox this morning;-


it's kosher.

You've given no details of your circumstances or needs, so no way of telling you what to compare it with.

Single, house value 70k, remortgage for 50k, no adverse credit, what else would you need to know?

kingstreet

Mortgage term?

Ok. At that mortgage amount, you're likely to be better off choosing a product which is completely fee-free, rather than chasing a keen rate.

A £995 fee spread over two years is adding £41 per month to the cost of the mortgage and if you add it to the loan you're then paying interest on it until the end of the term.

For example, you might like to consider Principality's three year tracker product. It's 2.89%, BBR + 2.39% until 31/07/2014. There's free legals, no arrangement fee, no valuation fee. Only cost is £45 TT fee, with £150 discharge fee on redemption. Reversion rate is SVR currently 4.99%.

Alternatively, ING Direct is offering a totally fee free fix at 3.45% to 30/09/2013, reverting to SVR, currently 3.5%. No discharge fee on this product.

Gavsterchef

Current mortgage deal ends 1st Sept.

How likely is it the bank of England's base rate will stay at 0.5% for the next 3 years?
What's TT?

kingstreet

Gavsterchef wrote: »

Current mortgage deal ends 1st Sept.

How likely is it the bank of England's base rate will stay at 0.5% for the next 3 years?
What's TT?

How many years left, not the product end date?

Unlikely.

Telegraphic transfer fee.

Gavsterchef

kingstreet wrote: »

How many years left, not the product end date?

Unlikely.

Telegraphic transfer fee.

Ah right doh lol 22 years left

kingstreet

Principality monthly payment is £256.16, ING £270.53.

Gavsterchef

kingstreet wrote: »

Principality monthly payment is £256.16, ING £270.53.

found the deal and it looks almost too good to be true, think ill be checking it out soon!

Gavsterchef

turns out i had missed out the most important detail, i live in Scotland therefore the Principality deal is a no go!

is the ING the only other company that offers a deal with no fee's?