Britannia Mortgage 5 year Fixed - no fee

Thrugelmir

ohwattagosiam wrote: »

What did you mean by "revert to rates"?

Lenders SVR or rate as determined in product offer.

So Britannia 5 year product reverts to 4.74% after 5 year term ends. HSBC reverts to 3.94%.

ohwattagosiam

Thrugelmir wrote: »

Lenders SVR or rate as determined in product offer.

So Britannia 5 year product reverts to 4.74% after 5 year term ends. HSBC reverts to 3.94%.

That's what I thought you meant.

However, the HSBC Lifetime tracker doesn't revert to anything. It stays at 2.29% + BBR.

So you don't think that they'll be a mortgage price war in the coming few months?

Thrugelmir

ohwattagosiam wrote: »

So you don't think that they'll be a mortgage price war in the coming few months?

A price war, no I don't. While certain products may hit the headlines. The amount of funding allocated to given products is a different matter.

Primary reason for not there being a price war is that banks need to strengthen their balance sheets. So banks aren't going to give away margin. HSBC was the only major lender to expand its mortgage book in 2012. Barclays, Lloyds, Santander, Nationwide and RBS all contracted theirs.

choprat

Flash_G wrote: »

I was told by the co-op this morning that our drive by survey had been carried out and it came back exactly as we estimated.

Hopefully you will also have a drive by, which apparently is the case when you have a good LTV. If that is the case then I can't see you having any problem.

Good luck.

Thanks for letting me know - Fingers crossed

JimmyTheWig

ohwattagosiam wrote: »

So what you're saying is: there will be better deals around in the next few months.

...

Although fees free for this 5yr fix is a good incentive... What to do, what to do

It's a good deal that is available now. Might be better in the future, or you might miss the boat.
If I was in a position to get a new mortgage deal now I'd be going for this.

Lifes_Grand_Plan

JimmyTheWig wrote: »

It's a good deal that is available now. Might be better in the future, or you might miss the boat.
If I was in a position to get a new mortgage deal now I'd be going for this.

To avoid "missing the boat", surely the best option is to apply for this mortgage and then when you have an offer, hold off completing and see what else comes along?

How long would an offer on such a mortgage remain valid for?

confused_kid

Don't think a mortgage price war is going to happen but the rates have certainly improved based on the product I have been looking at since August 2012. (We started looking for our house August, and just completed in Feb)

some good deals out there from the sounds of it! (Good in comparison to my 5 year fixed which I had approved by Halifax in October last year). Even though my LTV is 85% so I would get nowhere near these rates, I still have seen improving products based on my 5.19%. Co-op had a good product for me at 85% LTV (think it was 4.29%) but it was a little late in the day.

Good luck to you guys who are going for them.

Hope my LTV is better in 5 years time and some good deals are available then!

JimmyTheWig

confused_kid wrote: »

Hope my LTV is better in 5 years time and some good deals are available then!

Slightly off topic, but the best way to improve your LTV is to overpay your mortgage.
Even a small amount extra each month will make a big difference.
£100 a month extra, for example, will have knocked nearly £7000 off your loan in 5 years.

ohwattagosiam

Lifes_Grand_Plan wrote: »

To avoid "missing the boat", surely the best option is to apply for this mortgage and then when you have an offer, hold off completing and see what else comes along?

How long would an offer on such a mortgage remain valid for?

That is exactly what I did last night.

Will find out how long the offer is vaild for either when I receive the paperwork, or when somebody calls me about my internet application (did it on Britannia's site. The Co-op doesn't seem to have that functionality).

If a better deal does come along before then, I can always say thanks but no thanks.

em_z

Just interested to see: How long does everyone think this deal will be available for? I.e. given it's apparent popularity are the Co-op/Britannia likely to pull this relatively soon?