best fixed rate mortgage

m5nvb

Hi,

We are just coming to the end of our current mortgage deal and are looking to move to a new fixed rate, either 2 or 3 yrs (maybe 5 if the rate was low enough).

Just wondering if any of you experts could recommend any low rates/lenders?? Our current rate is only 4.39% so we are going to see a big increase in our monthly repayments and we obviously want to reduce this as much as possible.

I've had a quick search on the net and either Britannia or Giraffe Money seem to be the best to me with the following deals:

Britannia - 3yr fixed at 5.69%, arrangement fee £499
Giraffe Money - 3yr fixed at 5.58%, arrangement fee £495.
(In addition, Giraffe also buys carbon credits to offset your carbon emissions).

There seems to be a few lower rates out there but they all come with huge fees of nearly £2k!! so the slightly higher rate works out to be cheaper when you work out the total cost over the 3 yrs.

Does anyone know of any better deals? Also, do you think we should wait another month or so as our current deal does not expire until 31/01/08?

We are looking to borrow £100k and the house is worth around £140k, maybe a bit more.

Many thanks for all your help/info!

MortgagesInc

They do look like very good rates - particularly if they do offer free legal fees and a free valuation. It's worth checking whether there are any fees if you do not proceed, as if there aren't then there's nothing to stop you applying for one of these, and if something better comes up in the meantime then you can switch to that

m5nvb

thanks - I'll look into the other fees then and possibly apply on that basis. Cheers

pollyanna24

I looked into the Britannia 5 year fixed 5.39% one with £999 reservation fee.

Of course, this is only what is best for my situation, but I rang up and asked the poor lady so many questions. Even after including all the other fees (£200 valuation (me personally will get conveyancing free), and on this particular mortgage there was no admin fee), this mortgage worked out roughly £3k cheaper over the whole five years than sticking with Nationwide and taking their loyalty switch 5 year fixed.