Re-mortgage fixed rates advice

MortgageGenie

Sorry I can't remember the day it was launched.

MortgageGenie

Monney wrote:

I've just found a fixed rate deal at Nationwide who are offering a fixed rate of 4.89% for ten years.
APR 5.4% variable.

Reservation fee of £389.00
Admin fee of £95.00

Both of which can be added to the mortgage, but have decided this is not a good idea.

Is it a good idea to arrange a fixed mortgage for the next ten years and is this a good deal????

Please help, any advice would be appreciated.

You may wish to hold on until Saturday as there's a new 10 year deal being launched which I think will be a market leading rate (I don't have full detail yet though!) I think it will only apply to larger mortgages though as I don't think it come with free legals/valuation.

MortgageGenie

Just received further details, it's a fixed rate at 4.65% until 01/11/2015 with LHBS (Typical APR 5.5%), £495 arrangement fee (can be added but you'll pay interest on it!), mortgage discharge fees £195. Available up to 80% LTV. You have to pay for the val/legals. Up to 10% overpayment allowed p.a with penalty. Tapered Early Repayment Charges of 6%/6%/5%/5%/5%/5%/4%/4%/3%/2% of the amount redeemed before 01/11/2015.

If your looking for a 10 yr deal it's worth a considering in your comparisons.

Ching_Ching

Gosh.

Thanks very much for your contributions MortgageGenie - keep them coming.

A 4.65% mortgage for 10 years sounds great - just sitting back and forgetting about interest rates for a decade, no more hours (days???) of researching deals every two/three years and no more entry/exit fees for 10 years.
The upfront fees seem worth it for that sort of peace of mind.

Overpaying what you can, when you can, bar winning the lottery.

I'm very interested!

BTW, What does 'LHBS' mean ?

Ching_Ching

KTF

Ching_Ching wrote:

BTW, What does 'LHBS' mean ?

Its the Leeds Holbeck Building Society (although I cant see details of that product on their website yet):

http://www.leeds-holbeck.co.uk/

MortgageGenie

Thanks CC.

Yes LHBS stands for Leeds & Holbeck Building Society. The rate should appear on their website tomorrow.

Ching_Ching

Thank you ( to both KTF and MortgageGenie ).

Well, I have had a look at both www.leedsandholbeck.co.uk
and https://www.mortgagegenie.co.uk ( which gives a very decent rebate on commission on several deals if you are quick off the mark ! )

Does anybody have any thoughts on the Leeds and Holbeck 4.65% for 10 years until 01/11/2015 mortgage ???

( No connection to MortgageGenie, just a bit heartened by the deals appearing on the website. )

Ching_Ching

MortgageGenie

As it turns out the Leeds & Holbeck deal is an annual rest product so anybody considering it will have to carefully weight up the pros and cons.

MarkyMarkD

i.e. particularly good value if you are on interest only, and don't intend to overpay, but less so if you are on repayment (especially near the end of term) and do intend to overpay by small amounts.

Glamourpuss_3

Monney wrote:

I've just found a fixed rate deal at Nationwide who are offering a fixed rate of 4.89% for ten years.
APR 5.4% variable.

Reservation fee of £389.00
Admin fee of £95.00

Both of which can be added to the mortgage, but have decided this is not a good idea.

Is it a good idea to arrange a fixed mortgage for the next ten years and is this a good deal????

Please help, any advice would be appreciated.

Hi

Does anyone know if this mortgage is portable? I couldn't seem to find that info on the Nationwide site and when I tried to get a Key Facts Illustration the site crashed!

The Leeds Holbeck Building Society fixed rate also sounds great but I think we'll need closer to 90% LTV.

Actually, I'll have no idea what LTV we'll need as the houses in my street seem to be selling for £20,000(!) more than they were 2 years ago when we bought ours so perhaps our house will be valued much higher than it was 2 years ago and then our required LTV will be lower than what I assume it will be.

Thanks everyone

xx