Good rate .. ?

carla_004

What is currently a good rate .. ?

Mine is 6.29%
For a first time with 10% depo was best I could get.

Is that good or not (probably should of asked BEFORE I got the mortgage haha)

xx

kingstreet

TBH in today's terms, it's pretty lousy.

A 90% deal is around 4.5%. Does depend on type/duration of offer though.

Cheapest is currently 3.64% for five years (three year tracker 3.64%, fix for 2 years 4.59%).

carla_004

Damn ...

It's fixed for two years, and we can make overpayments of 10% of the years remaining balance.

x x

carla_004

With is being fixed .. does that mean I can absolutely not change until those two years are up?

x x

kingstreet

You pay a penalty to repay the mortgage early.

Then, the product you will be looking for will be a remortgage product, not an FTB product.

What you get will be subject to the current value of the property and the amount you wish to borrow.

See out the remainder of the fix, then;-

- see what your follow-on rate will be
- ask your current lender about alternative customer retention products
- look at remortgage options with other lenders.

dazzaofdagenham

im currently paying 1.99% over the base rate to the end of term

So thats 2.49% until i finish the mortgage....
Cant see interest rates moving much in the next 2 years and then i only have 5 years til end of mortgage

Thrugelmir

dazzaofdagenham wrote: »

Cant see interest rates moving much in the next 2 years and then i only have 5 years til end of mortgage

A .25% increase is being mooted about.

Bufger

I've heard of the 0.25% increase too.

I bought 2.5 years ago with a 90% deposit at 5.99% 5 year fixed. It was the best at the time but you can get better now. I'll see the term of this one out and hopefully be ina better LTV position due to overpaymemts.

new_owner

Ouch..

I got 4.8 for 3 years on 95% Overpaying to the max at the moment to get to 80% in 2 more years.

carla_004

kingstreet wrote: »

You pay a penalty to repay the mortgage early.

Then, the product you will be looking for will be a remortgage product, not an FTB product.

What you get will be subject to the current value of the property and the amount you wish to borrow.

See out the remainder of the fix, then;-

- see what your follow-on rate will be
- ask your current lender about alternative customer retention products
- look at remortgage options with other lenders.

On any mortgage, cos I was very fussy about asking this and repeated the same questions about 5 times to three different people and they all said I don't have to ..

Suarez

Are you with Halifax by any chance? We are on the same rate as you and I noticed they have reduced the rates now. We have only had our mortgage for 5 months.