Cheapest 2 year Fixed rate

Twopints

mazfuller wrote: »

Hi there.
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....??)

As a rough calculation, the difference in interest on the 6.19 v the 4.99 is 1.2%.

£150,000 x 1.2% = £1800 x 2 years = £3600 i.e. you pay £3600 less in interest over the term of the fix (on interest-only basis)

But see all the other posts re brokers / advisers.

mazfuller

So should we expect the monthly payments to be £150pm less on 4.99% than they would be on 6.19% then?

KTF

Over 14 years, 150k @ 6.19% no fee is 1337.09 a month. At 4.99 + 2k fee its £1242.53 a month but when the cost of the fee is taken into account i.e. 2k divided by 24 that effectively makes it £1325.87 a month so its cheaper (though not by much).

IMO there are probably better deals out there if you see a broker.

mazfuller

I think you're right. Will talk to hubby tonight about getting a broker - there are a couple in the Yellow Pages that look O.K.

gogsboy

herbiesjp wrote: »

There are brokers who are whole of market

But I believe that is minus Brittania for example?

gogsboy

A good starting point would be to look at Nationwide, Brittania and Bristol and West perhaps.

herbiesjp

gogsboy wrote: »

But I believe that is minus Brittania for example?

That is correct

Some will not include direct only lenders - but some brokers will

yorkshire_puddin

try Nationwide, I'm movin house and mortgage and was offered 5.34% fixed for 5yrs, no fees, but if you look at their web site you'll see what's availiable for 2yrs..