Re-mortgageing

ben2444

Currently on a bank of scotland flexible mortgage at 1% above bank of england rate currently 5.5%, tracks the BOE rate, so changes occasionaly

Want to change to a mortgage with better online facilities and also want to still be able to over pay , was thinking of using a One account such as the virgin one, but their rate is 5.7% which is more. Although you get the advantages they bring.

Are there any other non one account mortgages with good online facillities such as checking balance, overpaying online, with a lower rate than 5.5% or am i best going for the one account?

advice appreciated Ben

Joe_Bloggs

By how much do you want to overpay ? On what basis do you want to overpay, per month, per annum and how much ? That 5.5% is a very poor rate. There may be a good offset deal at the Yorkshire Building Society (This appears a bit quirky were overpayments are considered) . Do you have significant savings that are taxed at a higher rate ? Why do you feel the need to pay 5.5% for the added flexibility ?
Nationwide have an online mortgage facility. You can overpay £500 a month with effect after one day, as they charge daily interest.
J_B.

ben2444

I'd like to over pay about 500 a month possibly more
I do not have any other savings, any excess in my current account goes into my mortgage as an overpayment, I would like this overpayment to be more instant, at the moment I send a payment to the Bos acc no and sort code and a week later I get a letter confirming this


By how much do you want to overpay ? On what basis do you want to overpay, per month, per annum and how much ? That 5.5% is a very poor rate. There may be a good offset deal at the Yorkshire Building Society (This appears a bit quirky were overpayments are considered) . Do you have significant savings that are taxed at a higher rate ? Why do you feel the need to pay 5.5% for the added flexibility ?
Nationwide have an online mortgage facility. You can overpay £500 a month with effect after one day, as they charge daily interest.
J_B.

herbiesjp

It will also depend on the figures that you are looking at - i.e. property value and mortgage amount

ben2444

property value approx 150000
mortgage 80000 might need to withdraw 30 000 so might have to re mortgage for 110000

current monthly payment 540

MattyNeth

Just applied for a 5 year fix at 4.74% with the Yorkshire. Overpayments allowed and also offset. Can use online etc

ben2444

That sounds good Matt, Arent they one lender who dont use brokers so you have to go direct?

What made you go for the 5 year rate, instead of a 2 or 3?

I am tempted to go for a longer rate like 5 years as the rate is pretty low compared to the past?

then again im sure some people would say shorter lower rate is better and change it again after a year or 2?

dino_jr

Alliance & Leicester are doing 4.44% fixed for 5 years, with overpayments too.

http://www.alliance-leicester.co.uk/mortgages/index.asp?page=5year-fixed&mortgageset=8&buyertype=remg&ct=fixedrates

I am seeing their mortgage guy this Friday about it...

Fairdo_2

ben2444 wrote:

Currently on a bank of scotland flexible mortgage at 1% above bank of england rate currently 5.5%, tracks the BOE rate, so changes occasionaly

Want to change to a mortgage with better online facilities and also want to still be able to over pay , was thinking of using a One account such as the virgin one, but their rate is 5.7% which is more. Although you get the advantages they bring.

Are there any other non one account mortgages with good online facillities such as checking balance, overpaying online, with a lower rate than 5.5% or am i best going for the one account?

advice appreciated Ben

On top of this, looking at another thread of yours are you also wanting it on a self cert basis?

I go back to my reply. Chat to a trustworthy mortgage broker or two and get them to run through all of your wish list as well as them seeing the bigger picture, cos they should be able to give you more accurate answers based on knowing their customer.