What do you think of this mortgage?

Zero_Sum

Sir_Harry_Pearce wrote: »

I have, thanks RickyJ. I think the fees are really high though - £1495 plus evaluation plus legal fees!

on £220k, over 5 years you'll pay £32,709 interest on 3.19%
on 2.99% you'll pay £30,603.

A the fees are less than £2k more, you're better of with the 2.99%

kingstreet

Post Office has legal fees and valuation fees on top of the arrangement fee. That's £2,080 + legal costs of perhaps £500 and a final/deeds release fee of £195.

Nationwide's 3.09% with free legals and valuation and arrangement fees of £925 with £90 final/deeds release fee is cheaper to set up by at least £1,760.

The interest costs over 5 years are Post Office £32,890 and Nationwide £33,990.

On a simple cost basis, I declare Nationwide the winner by £600+.

I'd also prefer Nationwide on future SVR (3.99% v 4.49%) and reputation (Bank of Ireland or major British Building Society).

Zero_Sum

kingstreet wrote: »

Post Office has legal fees and valuation fees on top of the arrangement fee. That's £2,080 + legal costs of perhaps £500 and a final/deeds release fee of £195.

Nationwide's 3.09% with free legals and valuation and arrangement fees of £925 with £90 final/deeds release fee is cheaper to set up by at least £1,760.

The interest costs over 5 years are Post Office £32,890 and Nationwide £33,990.

On a simple cost basis, I declare Nationwide the winner by £600+.

I'd also prefer Nationwide on future SVR (3.99% v 4.49%) and reputation (Bank of Ireland or major British Building Society).

is the 3.09% not the 60% LTV?

RickyJ

@Zero Sum, I believe you're right the nationwide is 60 LTV whereas the post office deal is 75%. For a LTV 75% 5 year deal with post office is the best one so far.

@kingstreet. The downside with nationwide's deal is the overpayments, you can only make overpayment of £500 per calendar month (thats £6000 per year only) and they don't allow lump sum payment. Whereas with the post office you could make 10% overpayment without occurring an early repayment charge and yes you can do a lump sum payment.

kingstreet

Zero_Sum wrote: »

is the 3.09% not the 60% LTV?

Products 43800, 44686 and 44693 are for remortgages upto 70% according to Mortgage Brain.

Ricky - yes. If overpayments are important to you, that is the case.

Sir_Harry_Pearce

What do you think of the Nationwide Flexclusive:
5 years
+2.59% works out at 3.09%
Fee is £99

My LTV is 68%

kingstreet

Can only see a two year fix at 2.59% for existing Nationwide borrowers moving home.

Make sure you use the "New mortgage customer - remortgaging" tab, to get the correct list of products.

The remortgage flexaccount products are 2.89% or 3.19% fixed for four years, dependent on fee.

Sir_Harry_Pearce

kingstreet wrote: »

Can only see a two year fix at 2.59% for existing Nationwide borrowers moving home.

Make sure you use the "New mortgage customer - remortgaging" tab, to get the correct list of products.

The remortgage flexaccount products are 2.89% or 3.19% fixed for four years, dependent on fee.

It's under Tracker mortgages.

kingstreet

Thought you were looking at a five year fix? You said you didn't particularly want a variable product?

Base + 2.59% looks fine now. If base is 5%, you'd be paying 7.59%. You'd need to be very sensitive to rate increases and get out quickly if rates begin to rise.

Do you have a Nationwide Flexaccount?

Only you can decide what you want from a mortgage, as I said earlier.

GMS

Sir_Harry_Pearce wrote: »

What do you think of the Nationwide Flexclusive:
5 years
+2.59% works out at 3.09%
Fee is £99

My LTV is 68%

Only available to existing Nationwide account holders.

To get access to our range of Flexclusive offers you must either:

1. Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:
   • Have been paying in £750+ a month (excluding internal transfers) for the last 3 months; or
   • Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last 4 months; or
2. Hold a FlexDirect account.

You seem to be going at this in a very random fashion. 1 minute you want a fix, now a tracker and initially a discount.


Best to figure what you want and then look for the best of the product available rather than looking at rate alone.