Which lender????

mummyemmy

We are currently with Alliance & Leics fixed rate ends 31/12/07. Need 130K over at least 27 years to keep payment around £700.

Does anyone have any recommendations as to which lender has the best deals?

I'd appreciate any advice....

Thanks

Towner_2

Woolwich 10 yrs fixed at 5.59%.

mlz1413

have a look at kent reliance building society, they are doing a fixed rate for 25 years currently at 5.98%. The mortgage is portable and can be over paid on a monthly basis.

I joined them earlier this year as I decided that the fees payable to solicitors, return of deeds and arrangement fees was out-weighing contanstly moving mortgage. This way I know my monthly costs until the mortgage ends and if I overpay the cost comes down.

There is a 3% early redemption fee but if you expect to need a mortgage for 27 years then this shouldn't be a major issue, but is a point to remember.

homer_j_3

yes incase they do not let the portability option take place as its not guaranteed.

the woolwich are notoriously slow and there have been some posts of late saying how confusing their paperwork is with illustrations differing from actual mortgage offers. I would approach with caution in terms of fully reading all your paperwork to make sure it matches up etc.

toonfish

homer_j wrote: »

yes incase they do not let the portability option take place as its not guaranteed.

the woolwich are notoriously slow and there have been some posts of late saying how confusing their paperwork is with illustrations differing from actual mortgage offers. I would approach with caution in terms of fully reading all your paperwork to make sure it matches up etc.

they never have been the quickest, but I reckon even Advantage could sort it out by 31st of December!

homer_j_3

i dunno lol

La-Banque

Mummyemmy - Don't be hasty in rushing away from the A&L too quickly. I'm in the process of renewing my mortgage due to moving house and I have found them to be the cheapest on the market for my particular needs. Have a look on their website under the "existing customer" link: http://www.alliance-leicester.co.uk/mortgages/index.asp?page=existing-borrowers
because you may be pleasantly surprised. Don't forget, you will have to factor in all costs including the Admin Redemption Fee of £295 that the A&L charge.
Just a thought....

MortgagesInc

It probably isn'y eorth moving from them if you wanted a 2 year fixed, but anything longer than that it is worth looking at the Woolwich - their 5.59% is available on a 5 year fixed too

La-Banque

I agree that looks like a good deal - but you have to factor in all costs over the five year period:
£995 arrangement fee; £265 minimum valuation (depending on value of property); legal fees; £295 A&L admin redemption fee. Over the five year period it may actually be cheaper to take a deal with a slightly higher interest rate but with no fees attached...