180 days repayment fee ?

Hi... does the 180 days repayment fee apply when you want to remortgage elsewhere ?

At the moment for me staying with Britannia moving from an interest only to a fixed rate repayment, the '180 days repayment would be £1900.09'

Also what the difference is between a 'flexible 2yr discount', 'Low star 2yr discount' & a 'Four yr stepped discount' ? There advantages & disavantages ?

Who's offering the best interest rates at the moment ?

Any help is appreciated


  • payless
    payless Posts: 6,960
    Name Dropper Combo Breaker First Post First Anniversary
    No- penalty is not for converting from interest only to fixed

    one is a repayment type (int only, end, repay) other is a interest rate type (fixed discount, tracker...)

    The terms you quote can mean similiar, or can mean different (stepped = level of discount reduces) (low start- could be discount, could be lender accepting interest only, could be stabilised, come just be discount)

    perhaps read one of the online glossaries
    - moneysupermarket got one, but you should really speak to a (no fee) broker as easy to get confused

    Extract from a quick reply i did for a client the other day
    (before rate rise) might help with a few rates- but each case is different

    summary of example rates on a "low cost swap" remortgage -
    might assist those comparing rates - although of course each case is individual

    For example purposes only - rates changing regularly - These products are from Nationwide - currently competitive (top or close to top) in all product ranges for remortgages (stress will research fully again, when in position to proceed-)

    Free valuation, free basic legals , £185 fee on all options (although they don't charge a closing fee- unlike nearly all other lenders) current low follow on base 4.54% - almost 1% below most common base on market.
    Daily interest calculation , penalties during incentive period - but no overhangs and allows £500pm overpayment penalty free.

    (written at BofE base 3.5%)
    £45000 over 19yrs repayment (insurances not included)
    2 yr tracker (variable) 3.59% = £272.56
    3 yr tracker (var) 3.69% = £274.87

    2yr fixed 4.79% = £300.99pm
    3yr fixed 5.09% = £308.34pm
    5yr fixed 5.29% = £313.30pm
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • joe2cool
    joe2cool Posts: 4,119
    Photogenic First Anniversary First Post
    payless.........very helpful as usual, really appreciated
    One other ? If a person has got a recent poor credit history yet as never had problems with mortgage repayments, how would this affect say when aplying on-line to remortgage & they ask your credit history ?

    Have a great evening
  • payless
    payless Posts: 6,960
    Name Dropper Combo Breaker First Post First Anniversary
    no probs

    First of all- is it work you paying that sort of penalty to get a new rate?


    If just looking at rates, via one of the wizards- best not to mention credit history as this will "earmark" you for a different range. ( then very unlikely worth paying penalty)

    All applications- online or normal will check credit history

    Personally don't recommend online application - these services are fine for rate checking , but a good broker will understand your needs better and find a product that suits (these systems rarely cover all the aspects of the mortgage in a clear way- seen many extended tie ins hiddeen behind a stepped rate description )
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • :)Hello
    i have wrotten to you as not sure if you or somewhere who knows about conditions of lending can help with my problem.

    Can anyone preferably a mortgage lender or broker help with an answer please.

    If Dry rot has been treated by two different firms in the two flats directly affected (one a builder who will not give a specialist guarantee - only a year for materials and the other a specialists will not either because part of the work has been done by the first firm).

    buyers ask if work has been done and to get descriptions and guarantees of the job. And how would that potentially effect the sale of the house in terms of getting a morgage loan??
    Also if the law changes to put responsibility on the owners for a survey to be carried out then all buyers will definitely be made aware of the no guarantee position.

    Thanks for any information. Pat

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