whete can i find best deals for 44% ltv. help!

rainbowcloudy

Im moving house and my LTV will be 44%. Im desperatly trying to fibd rates to take advantage of my lpw ltv but i cant find any!!
Preferably looking for 3 or 5 year fixed.
Anyone have any info?? Ice tried to search google but cant find anything.
Current lender is offering 3yr fixed 2.49% with £499 fee. The ltv for this is 70% and seeing as i have better than that i dont feel i would be getting the best deal.
Any advice or info please?? Anyone know where i can finf goid rates for this ltv? Thank you so much.

kingstreet

The various comparison sites, Money Advice Service, or independent/whole market mortgage broker should cover it for you.

Mokka

With your LTV you can get the best deals from all the providers. I think you are making a mistake by looking for 44% LTV, while the best deals most of the lenders offer are for 60%- 70% LTV.
You won't get a better deal if your LTV is lower than 60%.
If you want a fix the deal you are being offered is not bad, but there are better ones out there, providing the lenders will find you and your property suitable.
At the end of the deal you will probably want to re-mortgage and will have to pay another set of fees. To get your head around it divide the fees by the number of months the deal is for (24) and add this to your rate.
Maybe consider taking the plunge and go for a tracker with no exit fees?

SG27

Just use the comparison sites and pick the best rate available. Forget about LTV because generally 60% is lowest requirement for some deals.

rainbowcloudy

Thank you for replies. I cant seem to find a better fixed rate than 2.49% for 3 years, any others have bigger product fees.
Do you know who exactly has these better rates? Also i thought mist people are avoiding trackers now as they track the base rate and all i keep hearing is that base rates rates will steadily increase? Bit confused about trackets and all i ever see is trackers with similar 2-3% rates. Anyone shed any light on any of this?
Again, thanks for your replies.

kingstreet

Lenders raise money in the wholesale money markets and the rate they achieve is based on "swap rates."

If you look at a tracker or fixed rate for an equivalent period, you'll find the rate is broadly the same, as the same people are using the same interest rate outlook to set the price.

TBH if the fix and tracker are at similar rates and fees, I can see no point in the tracker as there is absolutely no chance of rates going down.

The payment of a product fee should be based on the amount you are borrowing and the period of the offer. If you're going for three years on £200k, you have a good chance that the interest savings on the rate differential will "refund" the fee in that period.

If borrowing only £50k, a higher rate with no/low fee will probably be more cost effective.

kingstreet

Looking on Mortgage Brain, I can see the lowest three year fix (until 30/4/17) is 1.89% with £2,250 fee.

This would suit the bigger mortgage.

The lowest fee-free product for a three year fix is 2.89%, suiting the smaller mortgage.

rainbowcloudy

Ah thanks so much for the detailed reply. I understand more now. I think i will stick with the fixed. I will look on mortgage brain.
Could i ask one more question. Mortgage for my new house when i move will be £89000. My current lender cant offer me a 'rate switch' product of 2.99% fixed for 5 yrs no fee but because of the move, i would have to switch after which means another 6 week wait while its going through and im paying such high interest at the mo. Anyway for moving i can either go with a 3yr fixed 2.49% £499 fee or 5 yr fixed £999 fee at 2.95%. Either that or a 2 yr fixed at 1.85 £999 fee. Its going to be easiest for me to stay with current lender as already got agreement in principal for the new hoyse. Jyst dont know whats best to pick. Im steering more towards the 3 yr 2.49% with £499 fee....

kingstreet

Mortgage Brain is a broker software product for which we pay a monthly fee, so you can't access it.

If you're staying with your existing lender, you don't need comparison sites or brokers. You need to get advice from your lender, if it offers it now.

It certainly will after 26/04/14, but that may be too late for you. From then the current "stick three quotes in front of them and let them pick" process will be prohibited in branches.

kingstreet

I've just found another thread on this;-

https://forums.moneysavingexpert.com/discussion/comment/64780185#Comment_64780185

I wish people would keep connected issues to the same thread. This makes the whole thread totally different.

rainbowcloudy

So sorry, how awful am i for creating two similar threads!! In my mind i was asking two completely different questions originally. Cant believe you are that bothered by it you felt the need to comment. Sorry for any offence caused but i didnt create 2 identical threads....i just wanted some advice thats all. You are obviously easily annoyed so i will be more careful in future.