Britannia Fixed rate Help

deanos

Ive rang Britannia and they said it could take up to 48 hours for a return phone call because they are busy :rolleyes:

Im looking at getting a fixed rate from Britannia as i think they seem to be the cheapest for me ?

I owe £50k on my existing mortgage and want to borrow another £10k to make it £60k in total

There are 3 bands on the website http://www.britannia.co.uk/mortgage/fixed/5_year/index.html

1) 5.24% Arrangement fee: £399 ,Admin fee: £100, First Standard Valuation Payable by customer ,conveyancing payable by customer

2) 5.39% Arrangement fee: £399 ,Admin fee: FREE , First Standard Valuation Payable FREE, Free Conveyancing
No Higher Lending Charge

3) 5.49 Arrangement fee: FREE ,Admin fee: FREE , First Standard Valuation Payable FREE, Free Conveyancing
No Higher Lending Charge


The monthly payment will be(15 years)
1)£482.01
2)£486.75
3)£489.93

I was going to go for option 3 as this is only £7 more than option 1, is it worth doing this or paying out the fees myself, or it there any other lenders doing a good deal.

Sorry for the long post

bristolleedsfan

deanos wrote: »

Ive rang Britannia and they said it could take up to 48 hours for a return phone call because they are busy :rolleyes:

Im looking at getting a fixed rate from Britannia as i think they seem to be the cheapest for me ?

I owe £50k on my existing mortgage and want to borrow another £10k to make it £60k in total

There are 3 bands on the website http://www.britannia.co.uk/mortgage/fixed/5_year/index.html

1) 5.24% Arrangement fee: £399 ,Admin fee: £100, First Standard Valuation Payable by customer ,conveyancing payable by customer

2) 5.39% Arrangement fee: £399 ,Admin fee: FREE , First Standard Valuation Payable FREE, Free Conveyancing
No Higher Lending Charge

3) 5.49 Arrangement fee: FREE ,Admin fee: FREE , First Standard Valuation Payable FREE, Free Conveyancing
No Higher Lending Charge


The monthly payment will be(15 years)
1)£482.01
2)£486.75
3)£489.93

I was going to go for option 3 as this is only £7 more than option 1, is it worth doing this or paying out the fees myself, or it there any other lenders doing a good deal.

Sorry for the long post

over 15 years the difference between option 1 and option 3 is 1260.00

thursday is aprils interest rate decision if they not calling u back for 48 hrs might be worth checking later thursday and c what morgage deals are available then

deanos

bristolleedsfan wrote: »

over 15 years the difference between option 1 and option 3 is 1260.00

WHen you take off the fees its alot less tho ?

KTF

deanos wrote: »

WHen you take off the fees its alot less tho ?

Maybe, but the fees are part of the 'package' and should be taken into account when comparing the overall cost.

Taking into the account of the fees divided over the term:

Option a: £490.33
Option b: £493.40
Option c: £489.93

Caveat: I am not an expert. Calculations may be incorrect.

So option 3 is then the cheapest (by a little) assuming the fees are paid up front.

I personally wouldnt go option 1 as there are other costs involved (valuation and conveyancing).

There may be other deals out there but if you are an existing Britannia customer then there may be moving costs (legal fees, valuation, etc) if you go to another provider. An advisor will be able to advise.