Finding the best mortgage

clarky_cat

Hi, I've been searching for the best mortgage deal as we are in the process of finding a house to buy. Some of the cheaper fixed rate deals are with smaller building societies and Ulster Bank are showing the best deal overall (1.49% for 90% LTV). Could anyone advise if banks/building societies usually insist on having an account with them before setting up a mortgage? Ulster Bank have already said we'd need an account with them but wasn't sure about the building societies such as Chelsea and Yorkshire.

saverbuyer

Ulster Bank doesn't offer 1.49% at 90% LTV but at 60%.


Ulster bank only lend in NI. The property has to be in NI.

Senior_Paper_Monitor

Ulster Bank does not have (nor does any other lender) a 1.49% interest rate 90% LTV mortgage or anything close to it !


Ulster bank rates @ 90% LTV range between 3.65% and 4.69%, depending on fees/cashback (generally £0 - £995 / £0 -750) and period of deal (2,3 or 5 years).


There is much more to comparing mortgages than the 'headline rate'.

clarky_cat

Those deals were coming up on uswitch with 90% LTV, I thought it seemed ridiculous. Not being in NI would rule out Ulster Bank anyway.

Elsewhere I'm seeing the Co-Op at 2.69%, Chelsea 2.74% and the Post Office 2.95%. All these look better than what the broker found which was 3.09%.

Rollinghills

HSBC offers 1.99% on 90% ltv. I think they have a high income requirement though.

Senior_Paper_Monitor

Yes, but it is a discount product rather than fixed and carries £1,499 fee.

Rollinghills

Oh sorry, didn't notice you're looking for a 2 year fixed.

Why do you want to get a 2 year fixed? Do you think rates will go that quickly in the next 2 years? They might go up a bit but if I had to choose between 2 year discounted at 1.99 or 2 year fixed at 2.70% - 3% I'd go for discounted. The fee is an issue though, I agree.

amnblog

clarky_cat wrote: »

Those deals were coming up on uswitch with 90% LTV, I thought it seemed ridiculous. Not being in NI would rule out Ulster Bank anyway.

Elsewhere I'm seeing the Co-Op at 2.69%, Chelsea 2.74% and the Post Office 2.95%. All these look better than what the broker found which was 3.09%.

Perhaps the broker was more concerned with who would actually lend you the money?