Another is this the best deal thread ;-)

Mad101daN

Hi

I was hoping some kind person could see if this seems like the best deal, or if there is anything better known about.

Mortgage required :- £154,000

Joint Salaries :- £47,000

House Price :- £173,500

We already have another house on a BLT, so we would need a mortgage that allows you have to have both houses.

The one we have found is with the Halifax fixed for 2 years at 4.29% with monlthy payments of £840.99.

This has a £600 arrangement fee and £340 valuation fee on top.

I cant think of any more info I need, if there is please let me know. I dont mind whether the mortgage is fixed or discount. I find it very weird that discount mortgages are more expensive at the moment than fixed. Is this what other people are fiding ?

Thx for any advice.

Dan

KTF

Is this a remortgage or a new mortgage?
What term is it over?
Are you looking at reypayment or interest only?

If you are already with the Halifax at the moment then you cant have the 4.29% deal as thats for new customers only. I believe there are also legal fees on top of the arrangement fee and the valuation fee to take into account as well. They also stiff you a £200 exit fee should you move to another lender at the end of the term.

Mad101daN

Thx for the extra questions ;-)

This is going to be a new mortgage, we have just made a offer on the property, (was accepted yesterday, v.happy)

Its going to be over 25 yrs

We would like a repayment mortgage.

The exit fee on the Halifax we've been quoted is only £50 which is pretty good.(after the 2 years fixed)

Cheers

Dan

KTF

Mad101daN wrote:

Thx for the extra questions ;-)
The exit fee on the Halifax we've been quoted is only £50 which is pretty good.(after the 2 years fixed)

Interesting. I am with them at the moment and they said that they would charge me £200!

Your best bet is to get in touch with a broker and discuss your options with them.

Whilst the Halifax rate is one of the lowest fixed rates available at the moment, one thing to note is that whilst (in my opinion) the Halifax seem to offer good deals to new customers but not so good ones when it comes to the end of the term (which is why I am in the process of moving from them at the moment).

This is of course based on the deals that they are offering at the moment and they may offer great deals when you come to change 2 years down the line.

payless

The exit fee will halifax is split into 2 sections
admin fee £150
deeds release £50

Mad101daN

We have spoken to a broker, he's the one who gave us the Halifax. Im just wondering whether or not to use Martins tip and take his advice and go to London and Country, the fee is £95 for the broker.

He did seem like a nice guy though. I think if i can find a better deal myself i will go through L&C if not Ill use him.

Any ideas ?

Dan

payless

If you find this to be the best for you (can't say it is or is not - there are lower rates , but terms do vary, and so does criteria if you already have a B2L- note more and more lenders are relaxing rules on existing B2L and even L2B criteria . ) .... why not be fair , tell him you really appreciate his help, but know of brokers that don't charge - ask would he match this and drop his fee ( he's likely get to around £450 from Halifax anyway)

Mad101daN

Thx payless

I think I will do that.

Dan

ps can you point me to a lower fixed rate %, I would like to check the terms to see how they compare. thx.

mick21

4.24% with A & L, lower arrangement and val. fees, but I believe the exit fee is £250

KTF

Mad101daN wrote:

Thx payless

I think I will do that.

Dan

ps can you point me to a lower fixed rate %, I would like to check the terms to see how they compare. thx.

Have a look here:

http://www.moneyfacts.co.uk/mortgages/charts/mortgages_fixed_noext.htm

A&L do one at 4.24% with an arrangement fee of £389 or 4.28% with an arrangement fee of £495£ and a £195 charge as its through Purely mortgages. the 4.28% deal does come with free legals, etc though.

Nationwide also have 4.39% fixed with a £389 fee and free legals.

Mad101daN

I just rang A&L and they a limit on how much they will allow you to take as a additional mortgage, the lady said after renting the house out for 6 months, they then dont consider it on mortgage applications, but if we rent our house for 6 months where are we going to live ? (suggestions not necessary )

Thx KTF will do.

Dan