FTB - First Direct / Halifax application

single_lonely

Can someone tell me which would be cheaper, also seeing that FD have no branches how would you open and maintain it?

1.First Direct - 1.88% above base for term Admin fee: £599.00

2.First Direct - 2.29% above base for term Admin fee: £499.00

3.HSBC - Base +2.49% for term Admin fee: £0.00

4.HSBC - Lifetime Tracker Special Fee Free
Tracks the Bank of England Base Rate Plus 2.19% Booking fee - 0

Have seen a Broker and the cheapest he told me was with PERSONAL TOUCH finance at 2.89%.
(2 yr fixed, reverts to 3.99), no charges

property value-77k, mortgage -47k, deposit -30k

(asking for a friend i accompanied at meeting etc)
Thanks in advance

kingstreet

How would you maintain a mortgage with First Direct? Do what you need to do over the phone and use a HSBC branch if needed, like you do if you are a FD account holder?

Personal Touch are lending money now are they?

Are you sure they weren't just the adviser's "host" and the mortgage is with a normal lender?

The best deal for you is the one which meets your needs in order of priority. That might mean lowest monthly cost, lowest up-front costs or a combination of the two giving the lowest overall costs over a number of years.

single_lonely

Just a reminder the life of the mortgage will be 15 years.
My need is lowest overall costs, which i need help calculating, hence my question.

The trackers seem good, if in 2 years the BOE reduces my monthly will decrease. Then again i can comfortably overpay (after i build up a 'reserve for a rainy day'). HALIFAX have said i can over pay 10%!.

kingstreet

Is the offer you've said is Personal Touch the Halifax product?

kingstreet

Mortgage amount x mortgage rate x mortgage term + fee is the simple way I usually work out the cost to compare products.

For example, 47,000 x 2.38% x 15 + 599 = £17,378.

If you want to calculate the cost of a repayment mortgage, you need a repayment calculator.

A £47k mortgage over 15 years at 2.38% = £310.74

£310.74 x 12 x 15 + 599 = £56,532.

single_lonely

The Personal Touch might be the Halifax I thought Personal touch are like a building society (didnt think it was a name for MA only!

Thanks for the calculator, but that doesn't take into account accrued interest (or is it compounded interest?)

Just realised your a MA, which would you personally go for?

Im not sure what deals (no arrangement fees/setup fees/valuation/survey/legal cost etc) First direct/halifax/HSBC have on at the moment? which one would work out best?

thanks