Which Mortgage? FTB, £130,000

dwsjarcmcd

In answer to your question about Accord Mortgage, they are a subsidiary company of Yorkshire Building Society, so they are very reputable, although I can't comment on any better 3 year deals specifically, as swap rates have fallen again recently, I suspect that there are. The problem with 3 year rates is that not many lenders provide them, so they tend not to be as competative as 2 and 5 year loans.

Just to comment on the Portman deals, because the only credit interest interest annually, you can add about 0.1% to the price of their loans. I would always check what the monthly payments would be on lenders websites, and you will see that the Portman is not quite as good as the headline rate!

simonkirkland

Thanks dwsjarcmcd and welcome to MSE (first post I see).

I looked into the annual v monthly v daily interest comparison and as you say annual interest mortgages shouldn't be ignorned but allow approx. 0.1% difference in rates or more if you intend to over pay...

For this reason nationwide is standing out as the best 2 yr fixed rate at present to me...

Simon

Drantley_Gicks

Thanks dwsjarcmcd and Simon.

Happy to go ACCORD now. I've done the rough calculations and I've decided to go with the fee paid 4.94%. I won't really get any dramatic savings with the lower rate+fees in the first few years and this is when we we'll need the money the most with the renovation + higher (relative) mortgage repayments.

A quick question as we are both going through the same thing: We are going for a home buyers survey, they are quoting £290 (survey - for the lender) and £490 (homebuyers - for me), does the panel.... think this good value for money? Or should I get my own surveyor, taking into account the mortgage lenders requirements, i.e. would they accept a 3rd parties survey instead of their own.

Thanks for the info once again.

DG

simonkirkland

Drantley_Gicks - is the nationwide mortage not a better offer for you???

There rate is 4.89% with no fee. A very slight decrease in rate and I think Nationwide is a better provider to be with?

I'm waiting to see what L+C come up with at 6pm tonight then I will make my decision.

I'm suprised nobody else has come up with any better fixed rate mortages for me to compare???? - I must have found the best ones!!! :-)

Thanks

Simon

simonkirkland

Hi again...


London and country phoned last night and told me the best offer is with Alliance and leicester but through them.

They are offering 4.48% with a fee of £495 and a valuation fee that is refunded after 10 days. He told me that if I went direct I could get a better rate and a lower fee but I wouldn't get the valuation refund and it would therefore work out as more expensive.

He's partially right:

With A+L direct it would cost me £17410 over the 2 years with all fees and payments.

With A+L through L+C it would cost me £17299 saving me £111.

BUT, I am an A+L and leicester premier plus current account holder and by using a voucher (http://www.alliance-leicester.co.uk/mortgages/index.asp?page=cashback-offer&buyertype=ftb) I get £250 cashback for taking out a mortgage with them so this works out as £17160 which is £139 cheap than L+C were offering.

Also, we are thinking of having a homebuyers survey done on the house and not just the basic valuation and reading A+L's terms on there valuation refund deals (like L+C are offering) they don't even refund you the price of the basic surevy if you decide to take out the homebuyers!!! whereas with the existing customer cashback I would still get this therefore making the differenc £419 between L+C's offer and going direct.

I have an appoitnment with A+L Friday lunchtime so I'll see what they come up with... I'll push for lower fees... :-)

Simon

PS. I have compare the top mortage payers over two years including fees and these are my findings (I have a spreadsheet of these costs if anyone wants it (email me: [email="spreadsheet@simonkirkland.co.uk"]spreadsheet@simonkirkland.co.uk[/email]) :

Total cost over 2 yrs (basic survey)

£17,160.44 A+L (existing customer offer)

£17,280.84 west brom

£17,299.08 A+L (L+C)

£17,349.24 portman

£17,515.12 nationwide

£17,689.44 yorkshire

£18,052.32 A+L (fee saver)

dwsjarcmcd

Drantley_Gicks
Personally I would use the lender's appointed surveyor, and invest the money in a homebuyers report, that way you have some come back if they miss something!
I would use the lenders surveyor because they are 1. independent 2. Got the required qualifications that they will insist on and 3. Do it on the lenders form that many insist on.

Simon, an alternative rate for you to consider from the Yorkshire is 2 years at 4.74% with a 0.6% cashback (although there is a fee of £495) but it appears to have most of the other features you are looking for.

David

river_kwai

dwsjarcmcd wrote:

Simon, an alternative rate for you to consider from the Yorkshire is 2 years at 4.74% with a 0.6% cashback (although there is a fee of £495) but it appears to have most of the other features you are looking for.

David

Which Yorkshire Mortgage Product offers 0.6% cashback with rates at 4.74%, I can't seem to find anything on
http://www.ybonline.co.uk. Can you point me to the name of the specific mortgage product?

simonkirkland

I think it's yorkshire building society not yorkshire bank that dwsjarcmcd is talking about:

http://www.ybs.co.uk

I'll have a look now and do my price comparison...

Simon

river_kwai

dwsjarcmcd wrote:

Drantley_Gicks
Simon, an alternative rate for you to consider from the Yorkshire is 2 years at 4.74% with a 0.6% cashback (although there is a fee of £495) but it appears to have most of the other features you are looking for.

David

I have found it, its with YBS, and it's for home movers only, not for 1st time buyers. Too bad.

simonkirkland

Me too... (http://www.ybs.co.uk/mortgages/current_products/products/fixed_wfa_300907.jsp)

It doesn't work out better off anyway... total cost over 2 yrs would be £17433 even with the £795 cashback that I would get although I can't find anything that says when you get this... but it doesn't matter as it's for home movers as river_kwai said... I'm a first time buyer... :-)


A+L direct is still on top...

Simon