Britannia Mortgage 5 year Fixed - no fee

Yorkie1

shymanuk wrote: »

anyone know if there are any charges on this after the fixed 5 years if we wanted to move/ payoff the lot ? wanted a 6 yr term they say we cant afford it and can only have a 23 yrs term ????? i know this is based on just my partners s/employed wage ..... but so was original mortgage ...... and halifax havew no issues in giving new deal/amending old one ...... we only owe 47,000 after just paying a lump of 35 ,000 off.we have 6yrs 10 months left with halifax .i know we could pay 10% off each yr with britania but the payment are so low it would reduce overpayments amount .so was thinking what is best .......any ideas

There will be the final exit fee which is a couple of hundred ££, but I don't think there are any other 'early repayment' fees after the end of the fixed period.

Patmoore

I am seriously tempted by this. I have mortgage with HSBC at 4.5% where the 5 year fix will end in August 2014. The ERC stands at £2600.

Doing the sums, it's entirely worth it in the long run but is the short term pain worth it? Do co-op allow for ERCs from other lenders to somehow be added to their mortgage?

latecomer

Provided you have sufficient income, you can borrow as much as you want. If you want to cover the fees, just request the amount you need to repay the mortgage + the extra for the ERC. The redemption figure will include this anyway so it either needs to be paid by the new lender or you.

latecomer

shymanuk wrote: »

anyone know if there are any charges on this after the fixed 5 years if we wanted to move/ payoff the lot ?

There is no restriction after the 5 years fixed period is up - we have just come off a Britannia fixed rate and remortgaged onto the Co-op version. We paid off ~20% of the outstanding capital the day our fixed rate ended without penalty.

I checked the same is true of the new Co-op product.

JimmyTheWig

latecomer wrote: »

Provided you have sufficient income, you can borrow as much as you want.

Subject to Loan to Value.

Annouck

Heads up everyone - if you were looking to move on to this mortgage it is being withdrawn from tomorrow (07 March). If you call Head Office then they will tell you that this is fully subscribed. Apply online fast this evening before the deal disappears, or take the chance that another one will come to the market which is suitable... Good Luck!:D

Gambler

Annouck wrote: »

Heads up everyone - if you were looking to move on to this mortgage it is being withdrawn from tomorrow (07 March). If you call Head Office then they will tell you that this is fully subscribed. Apply online fast this evening before the deal disappears, or take the chance that another one will come to the market which is suitable... Good Luck!:D

I still can't make up my mind. If I apply how long do I get to decide if I want the mortgage before I incur any costs (valuation, legal etc)?

Thanks

Annouck

I would imagine that you'd be paying from when you sign the paperwork, so find a mortgage with no administration fees, arrangement fees etc if you decide to pull out. This one also had free valuation and conveyancing, but I believe that there is also a 3.29% 5 year fix the same with Britannia/Co-op and there may be others. I think - probably best to call the bank and ask though!

shymanuk

decided not to go with this deal .... due to the fact of the restriction they have placed on the term.... means even with max overpayments ... i still wouldnt match what im on now, and can overpay asmuch as poss ... lets see what other offers come along..

JimmyTheWig

Why, what's the restriction on term, shymanuk?