Type of mortgage?

never_never

This is my first post on the forum so hopefully someone can decipher my ramblings

I will shortly be converting an 85k loan into a mortgage, the house value is approx 300k. I have a couple of questions re. the mortgage.

- Should I think about a fixed rate mortgage or would it be better to keep the mortgage as a tracker for a while to gauge if the rates will get better. Is there any decent fixed rate mortgages out there?

I want to avoide a poor rate but on the other hand things could get worse I suppose. I'm hoping the fact I have a decent bit of equity might help with this decision, i.e someone offering a good rate for very low risk.

Any comments, help appreciated.

never_never

Joint income is about £25K.

never_never

thanks UKremortgageBroker

I'll be looking into capped mortgages now. I take it all the usual suspects do these?
I'm quite familiar with fixed, tracker and even the one accounts but not read much on capped.

Cheers

never_never

um...Halifax, RBS, Nationwide.

homer_j_3

I think you will find that the skipton deal is currently withdrawn.

I would go and find a broker who has their information upto date.

The comparison site that you have been given also doesn't look right - there is no contact details on there for who runs that site. In fact it looks like a site where its purely a lead generation site for brokers to get your details.

Whilst a lot of the sites will do this, I find it strange that UKremortgageBroker would suggest this - unless he/she has some affiliation with this site? I would stay well clear and use a site like http://www.fsa.gov.uk/tables

ixwood

Spammer in disguise? Does seem very suspect...

HelpWhereIcan

I normally find that http://www.moneyfacts.co.uk/searches/mortgage.aspx is a very good one for customers to do their own research on.

Use 'Ask me more' at the bottom of the page to narrow down your search to include things like no extended early repayment charges etc.

Moneyfacts includes all lenders (including those not available through brokers) and you can do your own search. They make their money by providing research data for advisers, lenders and journalists so do not act as a lead generator for advisers.

There are very few capped rates available at the mo but they make sense to protect yourself from fixing at what might be the top of the market (I am not saying that it is) while giving you some protection against the global market/economy sending rates even higher.

I am a bity of a fan of a deal with the Woolwich at the mo - fixed at 5.39% for 1 year followed by a tracker for the remaining term of the mortgage at Base rate + 0.39% (giving 6.14% as the current 'standard variable rate' on this deal).

You are tied in for 3 years, but in year 2&3 you have the option to take one of Woolwich's Fixed rates without having to pay an early repayment charges.

Represents good long term value and some security for 3 years, while giving you the ability to "guage if the rates will get better"

Hope this helps

never_never

thanks HelpWhereIcan

this seem like a good option.

homer_j_3

UKremortgageBroker wrote: »

I can assure you that the links are only for a straight comparison of capped rates that are commercially available as a starting point. The fsa.gov website only has three capped rates available and those are only up to 3 years.

I have no affiliation with either of the websites and you were wrong to jump in and assume this.

I find it difficult to believe that you have no affilliation to that site tbh. In fact, some of the stuff you have written over your very few posts are making me suspect that you are a broker that has been barred for self promotion. Having done a who is search on the comparison site you link to and the whois search on the site of the person I believe you are, the same person to as both sites used the same registrar for the site.

So, with this in mind and your posts starting very soon as your original posting name starting - I believe that you are a broker that is already known by many.