Best 5 year fixed rate mortgage

river_kwai

Can anyone tell me the best rates for a 5 year fixed mortgage. The ones that I have found so far are A&L 4.54%, Britannia 4.39% and YBS 4.49%.

Have I missed out any mortgage lenders? Belief me, I have browsed many websites already, but if anyone can find even better deals, please let me know.


Cheers.

YorkshireBoy

river_kwai wrote:

I have browsed many websites already...

I don't think you'll beat 4.39% with Britannia, having searched with https://www.moneyfacts.co.uk and https://www.moneysupermarket.com.

However, Britannia have 2 rates quoted - I assume one will have a higher application fee?

I know you're after the cheapest fixed rate for a 5 year deal, but I usually look at "true cost" over the deal period. ie taking into account legal, survey, application, redemption fees etc. Sometimes it's all too easy to see the "headline rate" and forget the other things.

Another option? I've seen it mentioned on here before that sometimes you can get access to better deals through brokers, but then you'll have to factor their fees in.

dwsjarcmcd

Rather than just concentrating on the rate, get an illustration of monthly costs, this will highlight differences that are masked by the rate e.g. whether it is dailly, monthly or annual interest. Also add up the fees required to secure the loan and divide them by the term i.e. 60 months.
This way you won't get fooled by the headline rate, which can be a bit of a marketing gimmick

YorkshireBoy

dwsjarcmcd wrote:

Rather than just concentrating on the rate, get an illustration of monthly costs, this will highlight differences that are masked by the rate e.g. whether it is dailly, monthly or annual interest. Also add up the fees required to secure the loan and divide them by the term i.e. 60 months.
This way you won't get fooled by the headline rate, which can be a bit of a marketing gimmick

Now why didn't I think of that?

knuckledragger

YB,
lol....