Best fee free five year fix?

cuz111

Hi all,
My three year fix is up in November so I'm looking to remortgage.
I was tempted to go for HSBC's 1.99%+base rate tracker but there's not a hell of a lot of difference between that and ING's five year 3.79% fix.
Does anybody know of any better five year rates which are pretty much fee free or should I push on?
Any advice welcome.:)

dunstonh

Have you already worked out that no fee fixed are cheaper than fee based fixed or are you assuming they would be cheaper?

opinions4u

As dunstonh implies in his question, you need to focus on the combined cost of fees and interest.

A £200k mortgage (on interest only, for the sake of doing sums in my head) with a 4% fixed rate for 5 years will cost £40k in interest over the fixed period.

A £200k mortgage with a 3.6% fixed rate and a £999 fee would cost over three thousand pounds less.

Take a look at comparison sites like www.moneysupermarket.com is the answer to your question. Co-op Bank and Yorkshire Building Society are among those who have had good 5 year fixed deals over the last year or two.

handytips

Dependant on Loan to Value ratio's, Coventry have some good 5 year fixed rates, although they do charge a £199 booking fee, but offer free legals and valuation. The comparison site can be misleading at times, get a Whole of Market broker to check it out for you.

handytips

just checked, As said above Cov are number 2 on the list with the booking fee at 3.85% at number 1 is ING at 3.79% fee free, in my both number 1 is based on Ltv of 60% and number 2 based on 65% or less Ltv. Coventry are the easier to deal with in my experience. Good Luck

cuz111

Hi all,
Sorry I'm a bit late replying but thanks for all the advice.
I haven't actually worked out the ratio of fee free to fees.
My LTV is low £135000 value owing £63000, looking to repay over 12 years.
I'll certainly have another look at the deals available this afternoon because my fixed rate with Halifax is up 31/10/2011.
Incidentally is the general feeling look to fix rather than a tracker with no tie in like HSBC?

Thrugelmir

Personally I would take the tracker mortgage and make monthly overpayments. Hard to see base rate moving significantly upwards in the short term.

cuz111

Hi all,
Just as an add on to the above I see a lot of people saying I'll get £xxx back if I arrange the mortgage online.
How are they getting this moneyback because it doesn't sound like cashback money linked to the mortgage to me?
Sorry if I should have started another thread.

MFSaver

Have you looked at Yorkshire Building Society's 5 year fixes? 3.59% @ 75% LTV for a fee of 99 pounds. Depending on numbers it may be better to plump for the 3.39% rate for a fee of 995 pounds.

Chelsea Building Society also has good rates if you have a 70% LTV. 3.69% for 5 to 7 years for a fee of 195 pounds.

cuz111

Hi,
I'm looking at the Chelsea 7year deal and it really suits me however I've just rang them to ask what fees I'd incure and I've been told the following-
£195 product fee.
£265 valuation fee.
£400 solicitors costs.

Which seems like a lot, is this usual?