5 Year Fixed @ 2.34%

LavenderLamb101

Hi,

I've just applied for the above mortgage, is this a good rate?

Unicorn_cottage

Compared to the rates paid I the 80's of 15% then yes it is.

bell

Depends on the LTV

getmore4less

its a bad rate but you may not qualify for the better rates.
more details needed like,
value, amount, term, fees, lender
What made you choose that product?

ec9wrr

LavenderLamb101 said:

Hi,

I've just applied for the above mortgage, is this a good rate?

As posted by others it depends on the ltv. Loan to value, essentially how much you’re borrowing vs house price. It doesn’t seem a great deal to me unless you have a low deposit or credit problems. 

FTbuyer18

Ive just applied for a 5 year fixed at 2.39%. I don't have credit issues and have a 20% deposit. Ftb using a broker. Interested to see other responses as i was led to believe this was a decent rate. 

LavenderLamb101

I am borrowing 150k and have 10% deposit.

Bowley

2.19% fixed for 5 years with 10% deposit for us so, sounds about right?

caw379

Simular for us, we have a 10% deposit and its around 2.5% 

ec9wrr

With 10% it sounds about right. To make sure you’re getting the best deal so a lot of calculations yourself or speak to a broker. 

getmore4less

Try again
more details needed like,
value, amount, term, fees, lender
What made you choose that product?
The best rates out there for 90% LTV are around
2y 1.75%-1.85%
5y 2.15-2.25
but you have to factor fees and term.
If that is the HSBC 2.34% £0 fee then on £150k over 25y that is <£15 cheaper than the 2.19% £999 fee option
If the term is over 29 years the 2.19% with the fee is a bit cheaper.
Why 5 years
if you compare HSBC 2y&5y rates no fee over 2 year
£167k value
£150 Mortgage
2.04% against 2.34% 
25y term
£661 payment
After 2 years you would be £900 better off and owe £140k LTV 84%
Rates on 85% LTV are under 2% on 2y and 5y product switch options with HSBC.
after 4/5  years you could be over £2k better off