Where are the mortgage rates going?

wwp8

amnblog wrote: »

I hope your borrowing requirement is minimal given the plump product fee.

LTV is 32% the only cheapest non fee one is HSBC at 1.79% according to HSBC calculator, repayments are £526
with the YBS, including fees, repayments are £522.

I am not able to see any better deals.

amnblog

So your intention is to pay a £1,345 product fee with YBS to save £5 a month on payments for 24 months v HSBC.

Your interests are best served by getting some Professional advice from a Broker.

wwp8

amnblog wrote: »

So your intention is to pay a £1,345 product fee with YBS to save £5 a month on payments for 24 months v HSBC.

Your interests are best served by getting some Professional advice from a Broker.

ideally i would like to save every penny, and that fiver can go towards overpayment? every penny counts right?

davilown

wwp8 wrote: »

ideally i would like to save every penny, and that fiver can go towards overpayment? every penny counts right?

What AMNBLOG is saying is that you're wasting more money paying the massive fee versus a very insignificant decrease in payment each month - in fact £1,145 wasted.

wwp8

davilown wrote: »

What AMNBLOG is saying is that you're wasting more money paying the massive fee versus a very insignificant decrease in payment each month - in fact £1,145 wasted.

yeah I know, the only thing I am not truly sure about is, what to go for, higher interest no fees or lower interest with higher fees, which will add towards costs, so I will review it again.

JimmyTheWig

amnblog wrote: »

I hope your borrowing requirement is minimal given the plump product fee.

Do you mean minimal? Or the opposite?

JimmyTheWig

wwp8 wrote: »

yeah I know, the only thing I am not truly sure about is, what to go for, higher interest no fees or lower interest with higher fees, which will add towards costs, so I will review it again.

Get monthly repayment figures for the mortgage without adding the fees.
Then divide the fee by the number of months of the deal (e.g. in this case £1345 / 24 = £56)
Add the two together.
Then you will be comparing like with like.

Someone will probably come along and say that this isn't accurate.
They'd be right.
But it's a good rule of thumb.


Are you borrowing around £65k? Over about 11 years?
If so, that's what I would call a small loan. So you're almost definitely best with a deal with no or low fees and don't worry so much about the interest rate.

wwp8

JimmyTheWig wrote: »

Get monthly repayment figures for the mortgage without adding the fees.
Then divide the fee by the number of months of the deal (e.g. in this case £1345 / 24 = £56)
Add the two together.
Then you will be comparing like with like.

Someone will probably come along and say that this isn't accurate.
They'd be right.
But it's a good rule of thumb.


Are you borrowing around £65k? Over about 11 years?
If so, that's what I would call a small loan. So you're almost definitely best with a deal with no or low fees and don't worry so much about the interest rate.

yes, you're right, I think its because I never knew fee free mortgages are available until today

Thrugelmir

wwp8 wrote: »

LTV is 32% the only cheapest non fee one is HSBC at 1.79% according to HSBC calculator, repayments are £526
with the YBS, including fees, repayments are £522.

I am not able to see any better deals.

Do you meet HSBC's criteria as a potential customer?