Am I doing the right thing?

glock339

Hi everyone, after a lot of searching Ive been offered the following mortgage:
(Property value £185,000 - £190,000 Mortgage amount £155,000 over 32 years)

ABBEY mortgage 5 years fixed rate @ 5.58%

£499 booking fees + £30 telegraphic transfer fee + £225 Mortgage Account fee + £132 legal fee.

I think I also get £250 cash back to cover some of the fees???

We cant really afford the interest rates to rise any higher which is why we wanted a fixed rate. I was after a 10 year fixed and tried first direst but our LTV is 1% under what they require and we are not in a position to lower it at the moment.

So dose anyone think I should go for it?

gitch01

hello

i'm no expert but Britannia are doing the following 10 year fixed
i dont know if its any good for you or the interest rate is too high but just a thought in case you never realised


6.09% Fixed for ten years, followed by our Standard Variable Rate, currently 7.05% variable for the rest of the mortgage. The overall cost for comparison is 6.6%APR. With full product fees.

• £399 Arrangement Fee and £100 Administration Fee.

Quick Quote
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Option 2
6.24% Fixed for ten years, followed by our Standard Variable Rate, currently 7.05% variable for the rest of the mortgage. The overall cost for comparison is 6.8%APR. With reduced product fees.

• £399 Arrangement Fee and No Administration Fee.
• Free First Standard Valuation

If you're Remortgaging:

• Free Conveyancing through an approved Britannia panel conveyancer

Quick Quote
You must read our keyfacts information before you get your quick quote. This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision

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Option 3
6.34% Fixed for ten years, followed by our Standard Variable Rate, currently 7.05% variable for the rest of the mortgage. The overall cost for comparison is 6.8%APR. With reduced product fees.

• No Arrangement Fee and No Administration Fee.
• Free First Standard Valuation

If you're Remortgaging:

• Free Conveyancing through an approved Britannia panel conveyancer

Quick Quote
You must read our keyfacts information before you get your quick quote. This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision

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NeilQuinn

Personally I think that Abbey deal is quite a good one. The fees aren't massive & the rate is low enough so that you won't kick yourself if they fall below it. 5 years also gives you a decent run of security.

I'm not a massive fan of 10 year deals. They don't allow for changes in lifestyle / family etc. & can be expensive to get out of if you need to.

glock339

Cheers for the replies, I think we will probably be going for the Abbey. If I keep on searching, calculating and working stuff out for even one more day I reckon my head is going to explode!

:beer: