Cheapest ever 10 year mortgage at just 3.99%

moneymouth77

The Telegraph are reporting today that N&P have released the cheapest ever 10 year mortgage.....
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9035869/Cheapest-ever-ten-year-mortgage-at-just-3.99pc.html

http://www.nandp.co.uk/mortgages/

I haven't seen to many long term fixed-rate mortgages, so this could be a really good option for me personally. Just wanted to get some opinions this...

ACG

I read about this earlier, seems like a good deal. But its probably more for people who have no intention of moving.
I imagine the exit penalties could be quite high. I couldnt find any examples od how much they would be though.

scopey

This sounds like the deals available at the beginning of the 2000s.

I think this shows the banks and BSs are starting to be more competitive.

The fee is £295

There's more info here:
http://www.nandp.co.uk/mortgages/mortgage-products/fixed-mortgages/10-year-fixed-rate-mortgage/

ACG

Dont bank on it.
There are talks that mortgages will be harder to come by in the near future - whilst the deals may be good, you dont know what the lenders criteria is. For instance HSBC have some great deals but theyre very hard to get.

scopey

Hi ACG - you're obviously right to always check out the lenders criteria. If it's going to be harder to get a mortgage in the future, should we shop now?

But dont you think there has been a bit of a mexican stand-off in terms of offering decent deals over the last few years?

ACG

If anything you should be looking now before it does get harder? Ive read it in a few places but one place was on this site.

Only for the higher LTV's everything else has been fairly reasonable.

To be honest, i hope rates do come down it will make my job a hell of a lot easier, but i think there is a toss up between rates coming down and them being harder to get. Id hate to have 100 clients and i couldnt place a single one because the lenders want blood.

Lenders do seem to be dipping their toes in at reducing rates but within no time they are being pulled with as little as 1 or 2 hours notice because everyone is going to them.

TonyRimmer

Heres some detail

Mortgage is Portable, Mortgage is Flexible, Under payments allowed., 10% Overpayments allowed per year.
If you move home in England and Wales, you can have a new loan to buy your new house on the same product, subject to conditions.
If you complete a new loan with the Society on the same product, for the same amount and at the same time as repaying this loan , no early repayment charge will be payable. In all other cases, an early repayment charge may be payable: please refer to 'Early Repayment Charges' within section 10. If, however, you complete a new loan with the society on the same product within 6 months of repaying this loan, any early repayment charge (or the appropriate part of it) will be refunded to you shortly after completion of the new loan. If the new loan is smaller than this loan, any early repayment charge will be payable on the difference between this loan and the new loan.
Any special interest rate offered as a feature of the product will only apply for the remainder of the period for which it was first offered.
DIRECT TO LENDER ONLY PRODUCT
The maximum term for this product is 25 years.

Payment Holidays Allowed. With the Society's agreement, payment holidays are allowed providing you have previously built up enough credit through overpayments.

There is a free valuation with this mortgage

This product offers £200 cashback

You can make overpayments or lump sum repayments if you wish. During each of the years of the period in which the early repayment charge is payable (see section 10), you can make repayments of up to and including 10% of the Loan (to a maximum of £10,000), without incurring a charge. If your lump sum repayments exceed this amount in any year during this period you will have to pay the charge which will be calculated on the excess that you have repaid. The minimum lump sum repayment the Society will accept is currently £250.

When you make a lump sum repayment, the amount you owe and the interest charged will be re-calculated immediately.

With the Society's agreement, reduced monthly payments are allowed providing you have previously built up enough credit through overpayments.

Let to Buy : Accepted
Capital Rest Period : Daily

scopey

Thanks ACG
I agree. And the fact that this is the "lowest ever 10 year fixed rate" deal is some statement.

Not just the lowest in the last two years, but ever! It's quite head scratching.