5 Year Fix: Portman 4.7% or Yorkshire 4.54%?

Puja_2

Need to remortage for 120K as soon as possible and would really appreciate any advise...

I have shortlisted to two mortgage products:

The first one is 4.7% fixed for 5 years with the Portman building society. The biggest plus point of this is that there is no fees at all, apart from a total charge of £65 (£25 for not taking their home insurance and something else). However, the Portman charge interest annually and I can only overpay upto 5%, with no other flexibility.

The second option is the 4.54% fixed for 5 years with the Yorkshire building society. I would have to pay a £495 arrangement fee, £290 valuation fee, and my own legal fees. I do have the flexibillity to overpay utpto 10%, and there are options to underpay and take payment holidays. Yorkshire charge interest daily.

What I need to know is, is it worth going with the Portman as they have hardly no upfront fee though their interest rate is slightly higher and they charge annual interest? I am unlikely to be able to overpay more than 5%, though the underpayment/payment holiday option with the Yorkshire is attractive.

I would be really grateful for any advise as I really don't know how to make a choice between the two...

Alternatively, if you have suggestions for something different but better then that would be welcomed too...

Thanks in advance for your time!

Regards,

Puja

Froggitt

The difference between the two does not look significant........0.16% x £120,000 looks similar to the charges you will incur from the Yorkshire.

I think Porkman also do a fee charged mortgage but at 4.5%.....again only a few pounds different to the other two.

CRUISEMAN

What % of your property value do you want to borrow? I think that the maximum loan-to-value on the Portman deal is 75%?

littlereddevil

i have just taken 5 years at 4.99 boohoo

Scott

I'd vote go with the Yorkshire, I'd value the added flexibility it offers over a small saving (under £150) over the whole 5 years.

littlereddevil

Ian_Griffiths wrote:

I have two years at 5.39, double boohoo.

yes it's a nightmare isn't it trying to keep on top of everything.
I thought 5 years might be sensible b ut now maybe not!!

Puja_2

Thank you guys for your replies. I was close to taking out the Nationwides 10 year fix at 5.09% last month and am now glad I didn't!

I think the Yorkshire would be the best one to go for over the 5 years, but am worried about the scale of the upfront cost. Cheshire are offering 4.56% for 5 years, and they pay the valuation fee.....

littlereddevil

They usually add the initial cost on to your mortgage but i would probably go for the on without a charge

vale_2

nationwide...4.49%...free val and legal fees!!!

payless

vale wrote:

nationwide...4.49%...free val and legal fees!!!

Not for 5yr fixed .. in fact following rate change today, no products at that rate from that lender at all

Puja_2

Nationwide at 4.49%?!! Where? How long for? I couldnt find it on the nationwide site.....