Which would you choose?...

alberto2012

Hi everyone,
Looking for a general consensus on which mortgage deal my wife and I should choose
Which one would you go for??
... options from broker are:

1. Accord 2 year tracker @3.29%. = £414 per month. £995 fees (with £500 cashback on completion)

2. Accord 2 year fixed @3.55% = £427 per month. £995 fees.
(with £500 cashback on completion)

3. Nationwide 3 year fixed @3.99% =£448 per month.£499 fees

4. Nationwide 5 year fixed @4.19% =£458per month. £299 fees

I know this is a long shot as everyone has their own opinion... But looking for some advice...
Thanks

R_P_W

personally i would go for the two year tracker and overpay what i could afford to mitigate the impact of higher rates in the future.

alberto2012

R_P_W wrote: »

personally i would go for the two year tracker and overpay what i could afford to mitigate the impact of higher rates in the future.

We are thinking along these lines also..

Thanks for your opinion.

Anyone else?

Morgage_Confused

What happens after 2 years on the tracker?
Does it still track or SVR?

Whats your LTV?

StuC75

What is each lenders SVR rate ? as this will affect follow on rates; e.g. Does Accord have a higher premium afterwards.. As that would allow a propert appraisal of the true cost over 2/3 & five years..

Beyond thats its everyones best guess at where interest rates may be in 2 years time...

betmunch

I would avoid accord for two reasons. First they would know how to process a mortgage application if it was writen down for them (oh wait, it is!) and secondly their follow on rate is 2% higher than nationwides so if your unable to remortgage away your litterally asking for trouble!

alberto2012

betmunch wrote: »

I would avoid accord for two reasons. First they would know how to process a mortgage application if it was writen down for them (oh wait, it is!) and secondly their follow on rate is 2% higher than nationwides so if your unable to remortgage away your litterally asking for trouble!

Why would we not be able to remortgage away?

Is there a history of people being unable to?

The tracker goes onto a svr...

alberto2012

StuC75 wrote: »

What is each lenders SVR rate ? as this will affect follow on rates; e.g. Does Accord have a higher premium afterwards.. As that would allow a propert appraisal of the true cost over 2/3 & five years..

Beyond thats its everyones best guess at where interest rates may be in 2 years time...

After 2 years it goes onto a SVR which is 5.99%...

But thats when we jump ship and remortgage??

On that note, what are the early exit fees with lenders?

betmunch

Plenty of reasons, not meeting lenders criteria in 2 years time. You dont know what the mortgage market will be like then. You dont know what your job or credit file will be then either. I'm more concerned about my first point to be fair, are you purchasing or remortgaging for this mortgage?

alberto2012

betmunch wrote: »

Plenty of reasons, not meeting lenders criteria in 2 years time. You dont know what the mortgage market will be like then. You dont know what your job or credit file will be then either. I'm more concerned about my first point to be fair, are you purchasing or remortgaging for this mortgage?

Hi there,

we are purchasing for the first time ...

betmunch

Accord are awful to apply too, expect delays, processing problems, and ultimately a reduced loan when your expecting an offer letter. If you are pushing the limits of what you can borrow this can waste a huge ammount of time, and posibly even cost you the house. Think very carefully about using this lender for a purchase, especially if you have promised a quick exchange.