compare these 2 rates - which is the better deal

FEvans

I am looking at the YBS at a tracker

2yr Tracker 3.74% 30/09/14 4.99% 4.9% APR 85% £995 (fees) - monthly costs £1,149

2yr Tracker 3.99% 30/09/14 4.99% 4.9% APR 85% £495 (fees) £1,178#

with the first one there is a fee of £995 plus a valuation fee of £350

the second one has a fee of £495 but free valuation and free legal fees (this does not really assist me as i am a partner in a solicitors so get my conveyancing free anyway).

which works out the best overall

cheers

Radionotme

£29 per month difference, and it would take you 46 months at £29 a month to make up the difference in initial outlay.
So, if you're going to stay on the rate for longer than 46 months, go for the high initial outlay, low monthly costs - otherwise go for the other one.

(Since it's a 2 year rate, the answer should be obvious!)

getmore4less

Add the fees make the mortgage payments the same and see how much is left after 2 years.

size of mortgage and full term needed

FEvans

getmore4less wrote: »

Add the fees make the mortgage payments the same and see how much is left after 2 years.

size of mortgage and full term needed

£212500 mortgage over 23 years

getmore4less

£212500 over 23 years £1178 payment

1. 3.74 fees £1345 so add £850
2. 3.99 fees £495

after 2 years
1.£200,477.24
2.£200,742.13

dimbo61

With that size of mortgage why not look at a 5 year fix ( offset or normal) and some lenders now doing 2.99% 5 year fixed deals but big fee £2499!

Dave_Ham

dimbo61 wrote: »

With that size of mortgage why not look at a 5 year fix ( offset or normal) and some lenders now doing 2.99% 5 year fixed deals but big fee £2499!

At 85% LTV ???