Best 2 year fixed deal?

patrick_bs15

Hi - I'm posting on behalf of a mate who doesn't have internet access.

He's just had an offer of £80,000 accepted on a flat and wants to know about good mortgage deals (don't think he wants to make overpayments)

I'm with First Direct and reckon that might be a good bet.
Thanks for helpful advice.

_Andy_

Why does he only want to fix for such a short time? May not offer the best value

patrick_bs15

Not sure. He's a fairly naive first time buyer & I'm not very clued up either! So advice on longer loan deals is also welcome

Yorkie1

I agree with Andy. If he definitely wants a fix, and can afford the slightly higher repayments, I'd consider a 4 or 5 year fix instead of 2 years. In 2 years' time, interest rates may be starting to rise and cause difficulties. Also, it's not long before he has to pay further arrangement and application fees - which can amount to £000s these days. Better to do that less frequently if possible and all other things considered.

patrick_bs15

Thanks for that advice, Yorkie, that makes sense to me & I'll pass it on.

danielanthony

I just got an ING 3.39% 2 year fixed deal with no fee's, the tracker deals seemed to all have £995+ fee's attached which kind of wiped out any savings over the two years.

Latest news is that interest rates aren't expected to move till the end of 2013, I'll be looking to fix for a longer period then.

patrick_bs15

Thanks: What level of deposit did you have?
I think my mate could have a deposit of 15K, so could go for 85% LTV deals