whos got cheapest 5 or 10 year fix?

allan673

who has the cheapest 5 or 10 year fixed rate mortgage please, looking at 57k over 15 years.would like lowish fees too.
been offered 5.99% with my current lender for a 3 or 5 year fix - no fees loyalty, but i think its too high.
(looked at first direct - but not sure about the offsetting??? just want a repayment as i dont have much savings to offset)

cheers

gaggyball

First Direct have a couple of good fixed rates with 4.99% for 5 yrs or 5.15% for 10 yrs. There is an offset against savings as well. The deal is not portable though.

West Bromich have a couple of 10 yr fix rates at 5.39% with £999 arrangement fee or 5.59% with no arrangement fee. They offer a free valuation up to £525.

Hope this helps. :T

Gaggyball

allan673

seen first direct - dont really understand offsetting plus i hardly have any savings (hence the reason im unsure about the fixed rate offset - i dont know if id be worse off in 10 years on there 10 year fix, than another lenders 10 year fix repayment????). im just looking for a repayment mortgage really for 5 years, maybe 10 if i see a good rate worth fixing for.

jem16

gaggyball wrote: »

First Direct have a couple of good fixed rates with 4.99% for 5 yrs or 5.15% for 10 yrs. There is an offset against savings as well. The deal is not portable though.

The First Direct mortgage is portable.

See here

http://www.firstdirect.com/mortgages/about-mortgages.shtml

jem16

allan673 wrote: »

seen first direct - dont really understand offsetting plus i hardly have any savings (hence the reason im unsure about the fixed rate offset - i dont know if id be worse off in 10 years on there 10 year fix, than another lenders 10 year fix repayment????). im just looking for a repayment mortgage really for 5 years, maybe 10 if i see a good rate worth fixing for.

You don't need to offset if you don't want to. You can simply set it up as a repayment mortgage. My son has just applied for the 5 year fix - all his savings will be used for his deposit so he will use the repayment method.

Read this as it explains it in details.


http://www.firstdirect.com/mortgages/offset-indetail-eligibility.shtml

pookie3967

i have never had an offset mortgage. as i understand it its the same as a normal repayment mortgage, but with added benefits ie you pay what you want each month..
seems to good to be true as the interest rate of 5.15% is the best on offer.

please can someone tell me what the catch is?

jem16

pookie3967 wrote: »

i have never had an offset mortgage. as i understand it its the same as a normal repayment mortgage, but with added benefits ie you pay what you want each month..
seems to good to be true as the interest rate of 5.15% is the best on offer.

please can someone tell me what the catch is?

From what my son tells me from his conversation with them yesterday, FD is trying to get into the mortgage business and are offering these rates to attract customers. They only have a certain amount to offer at these rates and it's a first come, first served basis.

If you're interested you'd better get in quick as they are very busy.

pookie3967

I have already been in contact and reserved a deal and now have 6 days to sign the paperwork and pay the reservation fee, as I understand it i have 6 months to complete the deal so if a better one comes along (My fixed rate does not end until June)I could jump ship!!!
:j

jem16

pookie3967 wrote: »

I have already been in contact and reserved a deal

Are you already a First Diect customer to have got it organised so quickly? Most seem to have to wait for a call back.

pookie3967

I did get a call back after leaving my details, I then answered numerous questions over the phone and got agreement in principle that they would offer me the deal, i am not with first direct but my husband has a bank account with them, but this did not appear to make a difference to the application.

jem16

Ah sorry, I thought from your previous post that you were just looking at it now.