Advice Wanted - First Direct 5.15% 10 Year Fix

InMyDreams

ixwood wrote: »

With rates wiodely ecpected to drop another .25 at least soon, is it worth holding on?

Yes, I was thinking the same. I have the 5yr 4.99 reserved but is it better to do the 5.5 variable for a few months? But even if rates do drop, could FD (or anyone else) possibly go any lower? It seems so much lower than everyone else already. I think it's only just come out, so maybe they've factored it all in already?

foleyartist01

jedimonkey wrote: »

I had a look at this too. But I require approx 90% LTV. I think they only will accept up to 80% - is this generally a strict limit? or is it worth an enquiry?

I have spoken to several people at FD who state that the maximum LTV is 80% and also that they will only go up to 4x joint salaries income multiplier for the loan amount.

Hope this helps.

TighterThanTwoCoatsOfPain

InMyDreams wrote: »

Yes, I was thinking the same. I have the 5yr 4.99 reserved but is it better to do the 5.5 variable for a few months? But even if rates do drop, could FD (or anyone else) possibly go any lower? It seems so much lower than everyone else already. I think it's only just come out, so maybe they've factored it all in already?

My view with mortgages is the same as prices of houses... pay what you're comfortable with paying..

Personally if mine was up for renewal i think i would struggle to come up with a good reason not to take the 5 year deal.... 4.99 was reasonably competative years ago, never mind at the minute.

Sub 5%, with overpayments, offsetting if you want to, very reasonable fees. The ERC if you have to is pretty standard, and better than many.

Shame i have to wait until July....

jedimonkey

foleyartist01 wrote: »

I have spoken to several people at FD who state that the maximum LTV is 80% and also that they will only go up to 4x joint salaries income multiplier for the loan amount.
Hope this helps.

Thanks for that - it certainly does help.

jedimonkey

TighterThanTwoCoatsOfPain wrote: »

Personally if mine was up for renewal i think i would struggle to come up with a good reason not to take the 5 year deal.... 4.99 was reasonably competative years ago, never mind at the minute.

Sub 5%, with overpayments, offsetting if you want to, very reasonable fees. The ERC if you have to is pretty standard, and better than many.

My current rate ending march is a 4.45 - and i would bite yer fingers off (and hands and arms) for the 4.99 fixed - a great deal in the current climate IMO