Best 2 year fixed mortgage

payless

Interesting thoughts-

Can't see any requirement in the rules that it needs to be in printed format
just in a durable format. Obviously I print in many cases- but some clients are happy with other formats

I agree that too many mortgage brokers used the word independent, when often their main source of income was the sale of insurance/ investment products via atied provider.

The new style disclosure should get over this point, and less tied (investment) agents than their used to be - although multi-tie is the next possible situation.

stormCat99

I realise Charcol is not whole of market, but then I wouldn't say that many people truly are. Also as you say some lenders only offer some of their best deals as direct, not via a broker.

With our search, we used all the main brokers, checked the best buy tables in the Times etc, and also looked at many of the lenders own websites (for lenders that we knew to have a good track record of offering competitive deals). When searching on Charcol, we tended to use this only to quickly identify lots of lenders who offer good fee free deals. Once we had this info, we looked directly on the lenders' own web sites for full details of all their deals.

Although we could pay a fee to a broker, we feel we are financially savvy enough to look for ourselves, and by pooling data from these many different sources, we are reasonably happy that we got the best deal for us.

On the other hand, most of my friends are not as clued up, and would definitely benefit from using a broker, although I would also recommend that they look at the direct only deals on offer too.

Hope you manage to get a good deal for yourself

payless

boots_babe wrote:

When searching on Charcol, we tended to use this only to quickly identify lots of lenders who offer good fee free deals. Once we had this info, we looked directly on the lenders' own web sites for full details of all their deals.

whats funny is from what I can see , the deal you saw on Charcol is not fees free - as you have to pay legal costs , so was actually incorrectly sourced on their software - if you had asked for fees free ! BUT going direct - that particular lender offered free legals.

Fairdo_2

I think several people have accidently missed a point that this is not Remortgage. Therefore, Free Legals won't apply.

Currently, there are a few sub 5% rates, but as usual, you probably would have to pay another way!

A&L do have a rate at 4.68%, but I would not expect it to be around much longer. In fact, they have a tendancy to pull their rates without notice.

Portman have a rate at 4.89%, but there is a £499 Arrangement Fee. Although this can be added, you are paying for itone way or another.

Chelsea likewise have a 4.99% and C&G have a Premium Fixed Rate that they are on a warning, is extremely likely to be gone by the end of the week.

Bearing in mind you have not found a house, or put yours on the market yet, I would not expect these to be around when you have.

I would say that payless is right to suggest that the existing offer may be a good one.

I am suprised that you would be subject to the closure admin fee, but I would wholly expect you to have to pay for some sort of product transfer fee. However, C&G are proud to say that they will let you change a rate when you are withn the final year of any redemption period, if you are moving home, and do not usually charge for this.

In the trade, it has been known as "superportability" but with C&G it only exists within the final year of a redemption charge period. I would get them to check this for you.

I would also say that it is worth your while checking on the forum or pm at the time that you have found the new property and the purchase is agreed.

I hope this helps for now.

absolute0

Fairdo wrote:

I think several people have accidently missed a point that this is not Remortgage. Therefore, Free Legals won't apply.

Currently, there are a few sub 5% rates, but as usual, you probably would have to pay another way!

A&L do have a rate at 4.68%, but I would not expect it to be around much longer. In fact, they have a tendancy to pull their rates without notice.

Portman have a rate at 4.89%, but there is a £499 Arrangement Fee. Although this can be added, you are paying for itone way or another.

Chelsea likewise have a 4.99% and C&G have a Premium Fixed Rate that they are on a warning, is extremely likely to be gone by the end of the week.

Bearing in mind you have not found a house, or put yours on the market yet, I would not expect these to be around when you have.

I would say that payless is right to suggest that the existing offer may be a good one.

I am suprised that you would be subject to the closure admin fee, but I would wholly expect you to have to pay for some sort of product transfer fee. However, C&G are proud to say that they will let you change a rate when you are withn the final year of any redemption period, if you are moving home, and do not usually charge for this.

In the trade, it has been known as "superportability" but with C&G it only exists within the final year of a redemption charge period. I would get them to check this for you.

I would also say that it is worth your while checking on the forum or pm at the time that you have found the new property and the purchase is agreed.

I hope this helps for now.

Fairdo,

Thanks for the advice. I'll come back to this forum later when I'm in a better position to ask questions.

All the best

Absolute0

payless

Fairdo

sorry- yes I was talking about boots babe rather than the original post

stormCat99

Yes, the Charcol options is for 'low up front costs' rather than completely fee free, so would bring up mortgages with small initial costs, as well as completely free ones.

Actually the Stroud and Swindon one I mentioned DOES have free legals for remortgaging. That is one of the things that attracted us to them, they use their own company called The Stokes Partnership. Also, their products offer 'superportability', which is why I thought it would be suitable for the OP. This means he could essentially remortgage now to get the good rates and no fees, then transfer the mortgage once he finds a new property, at no extra cost to himself.

Anyhow, hope the OP manages to source himself a good deal from somewhere

Dumbledore55

I'm not sure this is the right place to ask but I bought an additional house last year using a 'Let to Buy' mortgage and rented out my old house. The rented house's mortgage rate ends in the next 2 months and I am looking to re-mortgage to another deal - does this have to be a 'Buy to Let' mortgage?

Surely I can't have both but can I have a normal mortgage?

Also, do I need permission from the tenants to re-mortgage?

Confused? I am

DD

payless

boots_babe wrote:

Yes, the Charcol options is for 'low up front costs' rather than completely fee free, so would bring up mortgages with small initial costs, as well as completely free ones.

Actually the Stroud and Swindon one I mentioned DOES have free legals for remortgaging. That is one of the things that attracted us to them,

yeah my point exactly

*** lender site - free legals - direct only offer
( I had already sent clients there myself)
BUT on the comparison site you used / referred to only mentions the broker product - and states "estimated legal fees £450"

dougk_2

Dumbledore55,

You don't necc. have to have a buy to let or let to buy mortgage, however the lender has to agree to you letting out the property - many lenders do not like this or increase the interest rate - so in reality you will need a BTL mortgage.

BTL mortgages come in the same flavours as normal mortgages (Fixed, discount, variable, tracker etc.) so you just need to shop around or see a broker or IFA.

No you do not need your tenants permission at all to remortgage. However some lenders maybe fussy about having exsisting tenants in place. Also the type of tenant may affect the rate and lenders available (eg. DSS or students)

You let to buy mortgage should be on the rented property right? And a normal one on your new property?