Best 75% LTV 5 yr fix on the market?

The_Palmist

handytips wrote: »

Why do people get so hung up on what a As i have said before a good broker will get a 25 year mortgage paid off in approx 17 years with careful manipulation of products on offer when a deal comes to an end etc. A bank will never suggest you reduce the term.

Appreciate the service offered by brokers, however I have had a meeting with a leading bank recently and mortgage manager did advised very strongly in favor of reducing the term by choosing the correct product to start with and switching deals at the right time.

d40eq6

AdamS wrote: »

Do the First Direct and YBS 5 year fixed mortgages allow overpayments?

YBS is 10% annually. First Direct is unlimited (yet another attraction) provided that you don't pay the whole lot off..

d40eq6

suisidevw wrote: »

Thanks Thurgel.

D40, that's not the only fees, there's also valuation and other fees! That's why maybe the 'fee assisted' rate may be best!

You're right in the sense that valuation and legal fees get added, albeit you're talking max. £700 (£140pa over 5 years). On a £165k mortgage that equates to 0.0008% per annum. You're not telling me that that justifies paying the extra annual percentage points for "fees assisted"?

d40eq6

handytips wrote: »

discounted tracker, thats a new one on me. Is the product a discounted rate or a tracker rate, back in 2008 the best product overall would have been a Woolwich lifetime tracker i do hope your brother has that product. Yes i do work in the clients interest, and if the best deal is a direct deal i will charge a fee of 0.35% of the borrowing to cover my costs, after all who works for Free. Before you ask i am not the Queen

The deal was a tracker in the sense that it tracked BoE Base Rate however (I've just rechecked) it tracked at 0.05% below base rate. National Counties were doing it on a 5 year term (I've had one of those since 2006) albeit with a 3% floor. Halifax were doing it back then with no floor so my brother was paying 0.45% on his mortgage for a fair few happy months!

A broker I know well will charge a flat fee like you if you can only get the deal direct. I think that's totally fair enough. I'm sure you'll agree that in the boom years there were too many sharks after a fast buck which has not helped the name of the better brokers like yourself who (too be fair) have proved their value by surviving the Recession.

dimbo61

Am I right in thinking the first direct product is a an offset mortgages and interest only.
YBS offset allow unlimited overpayments or unlimited offset pot provided you dont clear the mortgage before the fix is over

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I think Chelsea (certainly someone but I haven't the name in my spreadsheet) has a 3.89% with a £1995 fee. Effective rate is 4.13% on your borrowing where as your YBS at 3.99 has an effective 4.11% rate and is £175 cheaper over 5 years. At higher borrowing, the 3.89% is cheaper.

d40eq6

dimbo61 wrote: »

Am I right in thinking the first direct product is a an offset mortgages and interest only.
YBS offset allow unlimited overpayments or unlimited offset pot provided you dont clear the mortgage before the fix is over

Not sure where you got that from? This is the FD product and it is both capital repayment and without an offset facility:

http://mortgages.firstdirect.com/mortgage-products/product/5-year-fixed-repayment--limited-edition~52

The YBS product is limited to 10% annual overpayments:

http://ybs.co.uk/mortgages/current_products/products/5yr_fix_03.html

PJD

handytips wrote: »

Why do people get so hung up on what a Mortgage Advisor earns in commission. The way i see it. What has it got to do with the client ?
Cynical people are usually all bitter and twisted for reasons of other than that of an experience of a broker, ie I can do it better myself....Really. Well i could probably do your job better than you, however i dont want your wages etc etc. As i have said before a good broker will get a 25 year mortgage paid off in approx 17 years with careful manipulation of products on offer when a deal comes to an end etc. A bank will never suggest you reduce the term. I really do not understand the snide remarks by some people. I am whole of market, if i recommend a direct deal then i will charge the customer accordingly. People who use their own Bank for their mortgage, life insurance etc etc will be paying through the nose and i defy anybody to tell me i couldnt beat their current overall payments. Also insurances sold in banks are excessive and half the time the client doesnt really need or require some of the products sold to them. I leave you with this thought. Who are getting done for mis selling PPI cover. The Banks/Societies or Brokers....The answer is of course the Banks/Societies. Some people need a broker for the simple reason they do not understand the process of a mortgage and associated insurances. What i see on here quite regularly are people who are obsessed with FREE. There is no such thing as Free and guess what Martin Lewis is hardly an expert in this field yet people follow him like the Pied Piper with the majic solution. Odd very very Odd.

I have always thought that brokers are the best route to a good deal, - and for me, they always have in the past. However, my current experience is that I have found a better deal than 2 brokers. Sorry, don't wish to offend you, - it's just a fact. The deal that I have found is not available to brokers.

If you think you can always go better, how come you haven't recommended a better deal to suisidevw in this thread?

Best regards.

suisidevw

Thanks for comments all. If better deals come about, please feel free to update this thread!

PJD

I am also looking for the best 5 year fix at around 75% LTV, the best I have found thus far is the YBS one, so will also keep an eye on this thread.

I have a broker who I am waiting to return from holiday next week who is going to try and beat it.... I'll keep you informed.