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Which way to go now
ItsyBitsySpider
Posts: 96 Forumite
Hi All,
As a FTB, I have been offered the following mortgage deals on 90% LTV.
Abbey: 4.49% fixed for two years, then variable currently on 4.74.
No mortgage booking fee, no product fee, free valuation, £250 Cash back at the end of the fixed rate term.
Coventry Building society: 4.19% fixed for three years, then variable currently also on 4.74.
no product fee, free valuation, but with a booking fee of £199.
The coventry deal looks better as there is a difference in payment of about £40 per month due to low interest rate. The only benefit I see with Abbey is if the sale falls through,we won't lose anything. The sale is in chain so there is a likelihood of this happening. We are not concerned about the length of the term for fixed rate. If possible, we would like to move to some better mortgage rate at the end of the term for the fixed rate though.
Is there anything else which we should consider while making a choice here? What should we do?
Many thanks
As a FTB, I have been offered the following mortgage deals on 90% LTV.
Abbey: 4.49% fixed for two years, then variable currently on 4.74.
No mortgage booking fee, no product fee, free valuation, £250 Cash back at the end of the fixed rate term.
Coventry Building society: 4.19% fixed for three years, then variable currently also on 4.74.
no product fee, free valuation, but with a booking fee of £199.
The coventry deal looks better as there is a difference in payment of about £40 per month due to low interest rate. The only benefit I see with Abbey is if the sale falls through,we won't lose anything. The sale is in chain so there is a likelihood of this happening. We are not concerned about the length of the term for fixed rate. If possible, we would like to move to some better mortgage rate at the end of the term for the fixed rate though.
Is there anything else which we should consider while making a choice here? What should we do?
Many thanks
0
Comments
-
Yes, check your details. The Coventry revert rate is lower than the Abbey revert rate.
Are you using a broker?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes, check your details. The Coventry revert rate is lower than the Abbey revert rate.
Are you using a broker?
Yes, I am using a broker and the broker has asked me to choose whichever I like. On the face of it, Coventry deal looks better. The variable rates for Abbey and Coventry are the same. Shall I go for Coventry then ???0 -
Go with your brokers recommendation.
Choice is one thing, but your broker must have a view on which product/lender they prefer.
If we provide a choice it always comes with an indication of our recommendation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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