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Is this as good as it seems?
florence4
Posts: 129 Forumite
Forgive me if I'm asking stupid questions, but I'm new to all this mortgage stuff, and getting my head around a lot of new info very quickly!
I want to borrow £48-63K, and and will have a deposit of £70-77K.
My own bank is offering the deal below. It seems like a good one to me... Am I likely to find anything better?
Current Account Exclusive Lifetime Tracker
Bank of England Base Rate plus 2.39%, currently 2.89% variable for the life of the mortgage.
The overall cost for comparison is 3.0% APR.
Minimum loan amount for purchase or remortgage applications is £25,000
Fees: No arrangement fee
Charges and extras:
Early repayment charges apply for the first 3 years after completion
Valuation and solicitors' costs will apply
Cost of first standard valuation and solicitors' costs, including compulsory disbursements paid by The Bank if you're remortgaging
I want to borrow £48-63K, and and will have a deposit of £70-77K.
My own bank is offering the deal below. It seems like a good one to me... Am I likely to find anything better?
Current Account Exclusive Lifetime Tracker
Bank of England Base Rate plus 2.39%, currently 2.89% variable for the life of the mortgage.
The overall cost for comparison is 3.0% APR.
Minimum loan amount for purchase or remortgage applications is £25,000
Fees: No arrangement fee
Charges and extras:
Early repayment charges apply for the first 3 years after completion
Valuation and solicitors' costs will apply
Cost of first standard valuation and solicitors' costs, including compulsory disbursements paid by The Bank if you're remortgaging
0
Comments
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How soon do you plan on taking the mortgage over? Do you plan to overpay and shorted the life of the mortgage?0
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depends if the base rate goes up or not.....
how long is the mortgage to be for.
some good 5 year fixed around at the moment with your equity.0 -
How soon do you plan on taking the mortgage over? Do you plan to overpay and shorted the life of the mortgage?
Not sure I quite understand your first question, Lee... I'd take on the mortgage on completion of a new house purchase - so within the next few months, I hope.
I might overpay, if my future earnings allow... And I will also have a BTL property, and could conceivably sell that to reduce the mortgage if the rental market slows.0 -
depends if the base rate goes up or not.....
how long is the mortgage to be for.
some good 5 year fixed around at the moment with your equity.
Twenty years, motch. I'm thinking even if the BoE rate goes up significantly in 5+ years, it's unlikely any bank will ever offer mortgages at much less than 2.4% above base rate. Or do you think they might?
The 5 year fixeds I've seen all seem to revert to VRs around 5.5-5.9% - so more expensive over the lifetime of the mortgage I think...0
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