Best mortgage rates at the moment?

Danstable

I am hunting for a private mortgage for a £250k property (new build) and wondered if anyone can better the best deal I have found.

Our (girlfriend and I) situation is as follows:

Combined income of £3,800pm net (roughly £60kpa gross)
Outgoings on loans and cards is £300pm
Deposit of £120k
Mortgage of £130k required over 25 years

Our preference is for a fixed rate deal on interest only. I have found the following:

2 year fixed at 5.74% with £2600 arrangement fee and £340 survey.
3 year fixed at 5.72% with £999 arrangement fee and £340 survey.

Can anyone better these?

Ideally it would be 2 years fixed rather than 3.....with arrangement fees that don't require me to bend over!

Thanks in advance.

Dan

Woodgnome_2

Open a first diect bank account and you could apply for the 2 year fixed at 5.79% with only £99 fee + your survey/valuation costs

They also have 5.39 fixed for 5 years £ 800 fees + Etc

Hsbc also have the same 5.39 for 5 years £ 999 fee
they have 3 year at 5.77 with $ 499 fee

I think the Abbey have 2 and 3 years fixed at 5.47% fee £ 999

Good luck

Danstable

Genius! Thanks for the pointers.

Anyone else got anything to add?

Danstable

Bump....anyone with any more advice?

Tiddler_2

Most of the best deals at the moment seem to be Direct Only.

The lenders seem to have turned their back on the broker market to a great extent, in order to reduce costs or keep their staff in a job!!

I think people have given you the cheapest current deals

allan673

first direct - its a no brainer
theyre excellent, go for the 5 year fix

lisyloo

Just checking.
Can you become a first direct customer now to get their mortgage deals.
or is it jsut for existing customers?

Do you have to have your salary paid into them or just open an account?

Cheers.

allan673

lisyloo wrote: »

Just checking.
Can you become a first direct customer now to get their mortgage deals.
or is it jsut for existing customers?

Do you have to have your salary paid into them or just open an account?

Cheers.

i re-mortgaged with them in feb, its just completed last week.
i think if you open an account with them now, then apply for a mortgage a week or so later when the accounts up and running you may be ok.(try opening just a savings account?)

im not having my wages paid into my first direct account, just a monthly standing order paid into my first direct account.

robertmckee14

I have been considering doing this as well. I am due to remortgage about June. If i switch to first direct now would i even be eligible to apply for one of there mortgages as an existing customer and would there be an issue with my 3 months bank account statements being split between two different banks?

Has anyone done this?

TSM_2

I was on the phone to HSBC yesterday as I need to re-mortgage in two months. The deal they were offering me was:
- 5.73%
- £499 fee
One stipulation was that I would need to open one of their Plus Saver accounts which has a cost of £12 to £13 (Can't remember exact) per month which you are tied to for one year, can then cancel it. They did not say about a minimum amount of money needs to be paid into it each month, but their website does seem to indicate that there is.

The overpayments you can make is pretty small, it was something like 10% of your monthly payment, so if you can overpay by more than that then you will need to reduce your loan period so to increase the monthly payment to suite your circumstance.

Best of luck, I'm still searching myself.