Cheapest 5 Year Fixed

SG27

I think coop is best. We got ybs 2.99 I think the fee was £1195. Allows 10% overpayments. I'd recommend them our mortgage was approved within a week. If only our vendors solicitors were as quick

Zero_Sum

michaels wrote: »

Surely that depends on the LTV as coop max is 60%

Coop is not available via a broker so no cashback possible - not sure if Britannia gives this option. However Coop allows up to 10% per annum overpayments into effectively a flexible facility from which the funds can be withdrawn or used for a payment holiday if required.

The OP did state they had a 60% deposit

TediousPhoenix

We went with a 5 year fix from First Direct as they allow unlimited overpayments, which was a deal maker for us as we wanted to fix for 5 years but try to pay the mortgage off in that time too, which would be impossible with a mortgage that only allows 10% overpayments (unless we reduced to a 7 year term, but we wanted flexibility in case we couldn't pay loads in one month, lost our job, got pregnant, circumstances change, etc., etc..).

For 65% LTV they have the following rates:
3.69 fee free
3.39 with 499 fee
3.09 with 999 fee
2.89 with 1999 fee

We went for the 2.89 even though I calculated that we would be a few hundred worse off than the 3.09, but there is a possibility that we would want to port and take out a higher amount, so it gives us options so was willing to pay the extra for this.

This spreadsheet is very useful if you want to work out overpayments and see whether it is best to go for a higher rate but less fee. https://forums.moneysavingexpert.com/discussion/1157173

Just to add that we sent off the application forms and all the requested documents on the 20th. On the 21st I got a text saying they were processing our application which should take 7 days. A few hours later I got another text saying they had processed our application and we should receive the offer in the post. I thought that was rather quick! They only wanted to do a desktop valuation during the initial phone call too.

michaels

Are we expecting any good deals for those with a good dollop of equity to be launched in the next few weeks? Don't HSBC normally have a 'sale' etc?

Zero_Sum

TediousPhoenix wrote: »

This spreadsheet is very useful if you want to work out overpayments and see whether it is best to go for a higher rate but less fee. https://forums.moneysavingexpert.com/discussion/1157173

I don't thnk its great for overpayment calculations, as it only does a fixed monthly overpayment.

I've done one that does adhoc overpayments
http://zerosum.host56.com/

aj9648

ok now a bit confused. Been looking at FD at 2.89% with unlimited overpayments and the brittania rate. I am tempted by the FD rate as its unlimited overpayments.

The s/sheet says that the cost over 5 years is cheaper for Britannia by 6K but over the whole 25 years the FD mortgage is cheaper by around 7K.

Any advice?

Yorkie1

aj9648 wrote: »

ok now a bit confused. Been looking at FD at 2.89% with unlimited overpayments and the brittania rate. I am tempted by the FD rate as its unlimited overpayments.

The s/sheet says that the cost over 5 years is cheaper for Britannia by 6K but over the whole 25 years the FD mortgage is cheaper by around 7K.

Any advice?

Are you likely to need to seek consent to let? FD don't allow that - don't know about Britannia one.

Are you likely to be able to remortgage at the end of the fixed term? If so, the follow-on rate is of lesser importance.

zorber

geek1981 wrote: »

PO 5 years at 2.99% 75% LTV and over pay the rest in 5 years?

£1500 arrangement fee:eek:

zorber

aj9648 wrote: »

ok now a bit confused. Been looking at FD at 2.89% with unlimited overpayments and the brittania rate. I am tempted by the FD rate as its unlimited overpayments.

The s/sheet says that the cost over 5 years is cheaper for Britannia by 6K but over the whole 25 years the FD mortgage is cheaper by around 7K.

Any advice?

After the 5 years fixed it reverts to the standard variable rate which is higher for coop/britannia. However you would be looking to refix or get another deal and not sit on the variable rate.

Therefore the comparison over 5 years is the one to take notice of and not the 25 year comparison. Looking at your figures i would take the coop/britannia deal at it will save you 6k over 5 years in comparison to FD.

Worth noting that the coop and Britannia are now the same bank.

JonnyBravo

Zero_Sum wrote: »

I don't thnk its great for overpayment calculations, as it only does a fixed monthly overpayment.

Not true. It does ad hoc too. It's the most complete spreadsheet I've come across for mortgage calculations etc. Brilliant piece of work.