A good rate?

gcbanbury

I am looking at getting on the housing ladder with a 50/50 shared ownership scheme and my half will cost around £63,000. I have been offered a mortgage by Nationwide at 6.85% fixed for 2 years with no arrangement fees. Is this a good deal as i thought the rates where lower than that at the moment. Apologizes if this sounds like rubbish but i am new to this mortgage lark and have no idea about rates etc.:eek:

Many Thanks

UK007BullDog

Have you spoken to a broker? There are a couple more deals out there.

A flat purchase? Fix for longer if you want to live there for more than 5 years. Because in 2 years time you will have to do all this again.

The rate is slightly higher as you are not paying any product fees it seems.

I suggest you read up about mortgages, current rates and credit crunch and also the fact that a lot of lenders are pulling out of shared ownership, which means you could be stuck if you ever want to sell.

Conrad

Ive just done 2 of these deals and I used Ipswich BS and Saffron BS. The rates were around 6.3% and the fees exceptionally low. No call centres, no idiotic software - just real sensible Humans, ahhhhh

JF77

This one any good?

http://www.saffronbs.co.uk/mortgages/display.product.php?categoryID=3&category=tracker&productID=t5