YBS Fixed 3.59 good deal?

sabreflyer

Hi,
Been reading the forum boards and I'm very impressed with how much knowledge and expertise there is out there. Stressed at work with little time for money matters. Anyway, been on a 5.99% fix with YBS which ends end November this year. YBS have offered a 3.59 fix for 3 years with no fee. Is this a good rate generally, for a fix? Mortgage is 47% LTV and £112k. I was thinking of keepng the payments the same to pay off early which is allowed.

Advice much appreciated as I'm a total beginner!

Cheers

powerwin

I assume you're with YBS at the moment? Generally I'd say YBS is quite competitive, but as ever, it's a case of looking around at the market and seeing if there is a cheaper deal. If you are considering moving to a different provider, then you have to factor in any potential exit charges from your current provider too.

Maybe try and take a day or afternoon off work to ring around. Note though, many phone lines are now open on Saturdays.

Good luck.

sabreflyer

Yes, with YBS until end of November this year when my 3 year fix runs out. I have checked their deals online and they sent me a letter offering the 3.59% 3 year fix with no fees. So looks a good deal for a fix?

whatyadoinsucka

hsbc are currently doing a fee free tracker at 2% above base, you should be able to get a fix for 2 years if 1.99% use a website like moneysupermarket for a quick quote and then look into the small print

mimimt

Just had a very quick look at moneyfacts. It looks like you can get:
YBS 3-yr fix at 3.09% with £99 completion fee
Northern Rock 3-yr fix at 3.15% with no fee
ING Direct 3-yr fix at 3.19% with no fee
Nationwide 3-yr fix at 3.19% with £99 completion fee

So it seems there is scope for negotiation if you want to stick with YBS

sabreflyer

Thanks mimimt,

Would prefer to stay with YBS for ease. Does anyone have any tips on how to go about negotiating? Do I just phone YBS, quote the others, and ask if they can offer a fix at a better rate?

dimbo61

Have you checked what your mortgage reverts to at the end of the FIX ????
Is it the SVR( 4.99%) or could it be a tracker at 0.75% above base ! with a collar of 3% ?
This is very VERY important so please check now
I finished a 5 year fix with YBS last xmas and have been on this tracker every since.
So please read and find out because if you are it means you may never remortgage again!
The bank of england base rate will have to go over 3.5% before we need to pay more than the 3.75% we now pay and can overpay as much as we want.

sabreflyer

The Mortgage goes onto the 4.99% SVR. So the 3.59% fix would be an improvement. Will probably give them a call and see if I can negotiate.

Cheers.

dimbo61

They also do a 5 year fix at 4.19% or even a 5 year offset fix at 4.29% and both deals are cheaper than what you are paying now.
You can overpay the fixed deal by 10% and unlimited overpayments on the offset deal.
If you reduce the term so you have the same monthly mortgage payment you will save thousands in interest over the term ( if you want to be Mortgage Free ASAP)
Good Luck

Thrugelmir

sabreflyer wrote: »

Does anyone have any tips on how to go about negotiating? Do I just phone YBS, quote the others, and ask if they can offer a fix at a better rate?

Lenders don't negotiate. Take it or leave it.

You can only choose from the products on offer at the time.

Morgage_Confused

Why are people quoting YBS rates that dont reflect what they have on offer? Maybe Im missing something but their website quotes.....75% LTV

ybs
3 year fix is 2.79% £995 fee
3 year fix is 2.99% £95 fee


5 year fix
3.39% 995 fee
3.59% 95 fee