alliance and leicester rates

KTF

Yeah, its only when I do a full quote that I find out that there are other hidden costs. Only Nationwide seem to be completley transparent about the costs involved.

harryc_3

KTF wrote:

Apparently the 4.24% deal has all sorts of extras such as legals, valuation, etc so it isnt just the 395 fee that they advertise on their website.

There does seem to be a 4.28% deal with no hidden extras and a £499 fee though:

http://www.purely.co.uk/tools/bestbuys.aspx

but I am not sure if every broker has access to it (mine certainly hadnt heard about it.)

hi there not sure what 4.24% deal you are talking about because i can assure you that the a&l 4.24 % two year fixed deal has only a 295 pounds fee ...my new paperwork has just been delivered and it states this clearly

cheers

harryc

payless

Harry - believe you are doing an in-house swap , some of the others are comparing new remortgages, so different terms

KTF

Really? On the website it is listed as having a £395 fee:

http://www.alliance-leicester.co.uk/mortgages/index.asp?page=2year-fixed&buyertype=remg&ct=fixedrates

And when I run through a quick quote (remortgage of £87,500 over 23 years) the key facts documentation says the following will be payable:

£30 - Telegraphic Transfer Fee
£280 - Basic Mortgage Valuation (inc £125 admin fee)
£395 - Product fee
£195.52 - Conveyencing
£25 - Fee for not taking out their own insurance

This is somewhat more than the £395 that they lure you in with!

simonkirkland

These fees are the same as the old rate fees...

Most companies charge these sort of fees..

Nationwide is the only company that doesn't seem to charge all these costs but their rate might not be as good.

Work out what the mortage would cost you over the 2 yrs including adding all the fees and compare the prices.

I did with mine and A+L worked out better than all the rest in the long term especially as I got an extra £250 cashback for having an alliance and leicester premier plus current account..

Simon

PS note that nationwide charge a £90 admin fee for changing mortgages if you leave (even outside the 2yr fixed rate) and A+L currently charge £295, so this is worth bareing in mind but they could change and I'm hoping A+L will lower or drop theirs in the future

Fairdo_2

Slightly better incentive for existing borrowers of A&L. Even better for existing A&L customers moving.

Good to see a plc promoting some loyalty.

MarkyMarkD

KTF wrote:

Really? On the website it is listed as having a £395 fee:

http://www.alliance-leicester.co.uk/mortgages/index.asp?page=2year-fixed&buyertype=remg&ct=fixedrates

And when I run through a quick quote (remortgage of £87,500 over 23 years) the key facts documentation says the following will be payable:

£30 - Telegraphic Transfer Fee
£280 - Basic Mortgage Valuation (inc £125 admin fee)
£395 - Product fee
£195.52 - Conveyencing
£25 - Fee for not taking out their own insurance

This is somewhat more than the £395 that they lure you in with!

The £195.52 is an estimate of the amount you will have to pay your conveyancer, not a payment to the lender.