Cheapest 2 year Fixed rate

mazfuller

Hi there.

I know the bare minimum about mortgages and have been completely bamboozled by all the different rates, fees etc... Currently with Halifax

Put Simply We want to borrow : 150k (to include 16k for debt consolidation)
House Value : 320k
Term 14 years
Gross Joint Income 60k
We want a 2 year fixed rate tied in for 2 years.

Halifax have offered 6.19% for no fee and 4.99% for 2k fee (can't see how we would benefit from paying 2k fee....??)

A&L are offering 5.69% with a nominal fee of just £30 which is about the best I have come up with. Anyone seen anything better??

herbiesjp

There are other lenders offering fee free deals in the mid 5%s.

Don't forget to take into account the exit fee for leaving Halifax

HTH

mazfuller

O.K thanks - are you allowed to say who?? And in your experience are there any lenders in particular that tend to make the move more hassle-free?? (we had a nightmare moving from The Woolwich to Halifax!!) There is no exit fee from the Halifax as we were only tied in for two years and that's coming to a close now...

herbiesjp

The lenders available will depend on your exact circumstances

Re-mortgage deals should in theory be relatively straight forward - not sure on what problems you had in the past or if they could have been avoided (did you go direct to do the re-mortgage or use a broker?)

You will incur a mortgage exit fee, not the same as a penalty fee, I believe it will be £225 for Halifax

HTH

mazfuller

That does help - I didn't know anything about exit fees!! When we told them we didn't want to be tied in after 2 years no exit fee was mentioned!! Thanks

KTF

Have you spoken to an Adviser. Its much better than doing the research yourself.

mazfuller

We spoke to a broker once and he wanted to charge us £295 which put us off - I thought they earned their money off commission.....

herbiesjp

There are brokers who are fee free and who are whole of market

mazfuller

O.K - How should we go about finding one and should they be local or doesn't it really matter? My hubby is anxious to get this sorted quickly and might think that going through a broker might delay things......

KTF

IMO going through a broker is quicker. Look in yellow pages or ask friends for recommendations. There are also nationwide ones if you dont mind doing it over the phone/net.

herbiesjp

KTF beat me to it

Friends and family may be abel to help. Otherwise yellow pages is good.

Nowadays plenty of brokers use technology in order to transact business via the phone/email etc.

As yours appears to be a straightforward re-mortgage, it could easily be done this way

HTH