Remortgage - 5.49%!

Miss_Penny_Pincher_2

Was hoping for some views on this rate...

I haven't checked around to see if it's a good offer yet. But it's 5.49% fixed for 5 years with no fees at all! I was asking the broker the names of all the fees I could remember in case it was disguised as a different name e.g. arrangement, legal, survey, valuation, exit, early redemption, deed release fee... but apparently there are no fees!

The mortgage allows 10% annual overpayment and there don't appear to be any catches but they won't give me Key Facts Illustration until January which will be 3 months before my current fix ends so just have to wait and hope it isn't withdrawn before then!

Does anybody know if this deal can be beaten? We have a low LTV and good credit ratings.

herbiesjp

Have you not posted this already?

KTF

Who is the lender?

Miss_Penny_Pincher_2

herbiesjp wrote: »

Have you not posted this already?

Didn't think I had - was having problems posting though - when I pressed 'submit reply' MSE logged me out and I had to keep relogging in - will check if others have been posted and I will delete them.

The lender is RBS - I think it's an employee only rate.

Dan_Collins_2

If its employee only how can we judge and how can he get the KFI if its employee only and how do you know its employee only with no KFI or Info???

Miss_Penny_Pincher_2

Dan_Collins wrote: »

If its employee only how can we judge and how can he get the KFI if its employee only and how do you know its employee only with no KFI or Info???

hi dan,

sorry i was just trying to compare that option with other options - my gut feeling is that it's likely to be the best offer just wanted a professional eye over it so to speak

The guy I spoke to works for RBS on their employee only mortgages so he could send KFI if wanted but he wouldn't because I wasn't eligible for the rate yet as it can only be held for 3 months. He said he would send it when the mortgage starts being processed within 3 months of my current fix rate ending.

Dan_Collins_2

Well your starting a little early so I would not worry about it for a month or so.

Miss_Penny_Pincher_2

Starting to shop around now because of advice I've seen on here as it's less than 5 months until my rate runs out and Christmas is between then and now.

Just seen this offer with my current provider Nationwide - 5.63% with no arrangement fee - it's the 5 Year Fixed Exclusive Switcher Loyalty Product and seems much better than their other fixed rates so wondering if it's only available to certain customers maybe?

Dan_Collins_2

Its the one I mentioned but as you are existing they lose the fee. New clients it has a 499 admin fee. Still not as good as the other one you mentioned. However if you get a dip done you can secure the deal for 3 months with Nationwide and as long as you apply within the 3 months you can keep that rate. Secure it now and then apply in Jan.

Miss_Penny_Pincher_2

Dan_Collins wrote: »

Its the one I mentioned but as you are existing they lose the fee. New clients it has a 499 admin fee. Still not as good as the other one you mentioned. However if you get a dip done you can secure the deal for 3 months with Nationwide and as long as you apply within the 3 months you can keep that rate. Secure it now and then apply in Jan.

Thanks Dan - that's a great suggestion. The thing that I like about Nationwide is that they appear more flexible than RBS (e.g. the £500pm overpayment, payment holidays, portability) and I may be getting a new job soon (well fingers crossed anyway) and they were fine about Mr Pincher being on probation last time but I don't know if RBS would be?

If I secure it now do you know if I will be tied in in January say if we decide to go with the RBS option? Would it cost us anything to break the decision in principle?

Dan_Collins_2

No obligation, no costs. I am sure you can just go in to your local branch and do this or maybe online or even over the phone. Good luck and no probs.