Best Fixed rate

CHIHUAHUA

FirstTimer4Me wrote: »

Hi

My Nat West is up for renewal end of June.

Just got a new rate from Nat West: 2 yr fixed @ 5.65 - with £499 fees.

Anyone know if this rate can be beaten?

am in same boat - have been offered and accepted Skipton BS 5.84% fixed for 4 years with no fee - should have it paid off by then!! :T

MortgageMamma

wardlaw wrote: »

Halifax do a 2 year 4.99% Fixed rate But only through a Intermed's

Best source a Mortgage Broker who does not charge fee

John

I cannot find this product, I can only see a tracker at 4.99 with a £1499 fee. The lowest fixed halifax has is a 5,34 with a 1499 fee.

rothers798

MortgageMamma, in your opinion is it best to fix now for a couple of years or to track? I am considering tracking at 0.11% below BOEBR for 5 years, saving the fees of switching every couple of years.

Thanks

homer_j_3

what is right for one person rothers isnt right for another so I think MM will have dificulty in answering that one fully.

You need to consider what you are doing in the next few years, will you still be at the property, is it likely you will want to move etc. You then need to consider the "what ifs" Rates rising by 1-2% rates decreasing by 1-2% etc and whether your affordability and bank balance can take the fluctuations.

MortgageMamma

I am actually a big fan of capped products as opposed to fixed rates but sadly there are very few of them on the market at present. I think some companies who do them, namely skipton bs, coventry, abbey and woolwich may remarket their products after the base rate decision on Thursday this week.

Only you can decide if a fixed capped or tracker is right for you but a good adviser can explain the differnece. also there are many websites which will explain this to you.

rothers798

I understand the difference mamma, I suppose I am just asking for the impossible, an accurateprediction of the base rate!!!

Thankyou both

silvercar

IHateDida wrote: »

I am now about to apply for a Britannia one - 5.64% 10 year fixed with £499 fee. Look at their website.

Even after I repay Halifax's early redemption charge (due to being with a fixed rate with them) of £1573, still works out that I save 1000's over the term of the mortgage!

Your paying a £1573 redemption to move from a rate of 5.89 to 5.64%:eek:

that is a difference of £20.83 a month on a £100,000 IO mortgage, £41.67 on a £200,000 mortgage. It would take you over 6 years to make the move worthwhile, discounting that you are paying it all upfront. Why not take the extra you need from the same lender on a shorter fixed or capped rate and keep the existing amount on the current rate to save redemption penalties?

IHateDida

silvercar wrote: »

Your paying a £1573 redemption to move from a rate of 5.89 to 5.64%:eek:

that is a difference of £20.83 a month on a £100,000 IO mortgage, £41.67 on a £200,000 mortgage. It would take you over 6 years to make the move worthwhile, discounting that you are paying it all upfront. Why not take the extra you need from the same lender on a shorter fixed or capped rate and keep the existing amount on the current rate to save redemption penalties?

Hi - the problem being that I don't want a shorter fixed - for the new house we want, we need to guaranteed not to pay anything over a certain amount per month. We currently owe £63k so hence it makes it expensive in the short run, but over the 10 years we will end up saving. The mortgage total per month will be £929 (we will be borrowing around £145k in total), but we are also going to over pay by £300 a month to bring the whole mortgage down to under 15 years (apparently saving around £65k!:eek: )

I can't see any other way around it - I need the security of a long fixed rate - and the only 10 year fixed mortgage that Halifax offer is 6.29% - so its either accdept this - or pay up and go elsewhere! :eek:

lardy2

i am a independent mortgage advisor
5.09% fixed until 30/06/2009 fee of £599 that can be added to the loan with alliance & leicester it is always best to pay fees up front how ever if this is not possible then you can add it to the loan amount

Gorgeous_George

IHateDida wrote: »

Hi - the problem being that I don't want a shorter fixed - for the new house we want, we need to guaranteed not to pay anything over a certain amount per month. We currently owe £63k so hence it makes it expensive in the short run, but over the 10 years we will end up saving. The mortgage total per month will be £929 (we will be borrowing around £145k in total), but we are also going to over pay by £300 a month to bring the whole mortgage down to under 15 years (apparently saving around £65k!:eek: )

I can't see any other way around it - I need the security of a long fixed rate - and the only 10 year fixed mortgage that Halifax offer is 6.29% - so its either accdept this - or pay up and go elsewhere! :eek:

If you ported your current mortgage and took a second mortgage for the additional borrowing on new house, you may be able to move the borrowing from the first mortgage to the second at the same rate when the first deal ends. Worth asking your potential new lender.



GG