Urgent - Top remortgage deal

pascal_2

This sounds too good to be true?

I've just had another look on https://www.mortgagegenie.co.uk and they've got a 2 year fixed rate at 4.19% with a free survey, no legal fees to pay and NO tie in period! The arrangement fee is on the high side though at £499.

I was looking at the abbey 4.29% rate but this seem to blow it away or am I missing something?

meanmachine_2

It's probably the Alliance and Leicester.

MarkyMarkD

It's probably not. Their 4.19% rate was with a 2 year tie in and didn't have the incentives mentioned.

Slider

Just had a look as best I had seen was 4.29 with Halifax.

Looks ok, but minimum overpayment of £500 would annoy me as I like to overpay each month. Also, at only 2.5 x joint, I would be a little shy of what I need.

meanmachine_2

MarkyMarkD wrote:

It's probably not. Their 4.19% rate was with a 2 year tie in and didn't have the incentives mentioned.

You can't have a fixed rate without a tie in period. It's fixed for two years. You're tied in for that time. That's what's known as a tie in period.

The OP probably meant overhang - a tie-in beyond the two year fix.

It's the A&L mortgage.

EDIT: My apologies. You're right. Lord knows who it's with. 70% LTV, though. Very bizarre. Never seen a fixed rate without an ERC before.

Meh. You learn something new everyday. They probably have a very low income multiple as well - I'd guess a BS like Isle of Skye Mutual Presbytarian or summat.

herbiesjp

@ meanmachine

you can indeed find fixed rates with no tie ins

payless

Had a quick look , and I can't find this listed eslewhere- so if real must be very exclusive

- the follow on SVR rate of 5% ? ( I can only see 2 lenders with that at moment)

Fairdo_2

Meanmachine. Just about to correct you myself, as you had just editted your post.

Don't need to now!

I have seen several fixed rates in the past with absolutely no tie in, such as Abbey and Natwest and C&G. I think they tend to pitch it that the rate is so good based on expected market forces, that the "no tie in" would not be utilised by most people, but when they are around they are a fantastic hook for first time buyers or people moving in together for the first time, cos many people will split up within the first few years at the most strenuous time of getting used to living together with new pressures.

Great way for a good rate to lok even better.

I can only think that if it is with A&L it would only be for existing customers, but it would not be a remortgage anyway, just a product transfer.

I think Bristol & West or West Bromwich Building Society have just launched a rate at 4.19%, but I haven't looked at the finer details to know if it is fees assisted.

pascal_2

Thanks for all the replies, I thought it was too good to be true! I'd missed the 3 X single income or 2.5 X times joint. We're no where near with £40k joint income :mad:. Who's got a mortgage at that level these days????

meanmachine_2

I was going to suggest A&L, as they use an affordability measure now, but they've just scrapped their 4.19% deal - the rate's gone UP to 4.29%!!!!

And I thought rates might drop in Nov. Hmm....

MarkyMarkD

meanmachine wrote:

You can't have a fixed rate without a tie in period. It's fixed for two years. You're tied in for that time. That's what's known as a tie in period.

The OP probably meant overhang - a tie-in beyond the two year fix.

It's the A&L mortgage.

EDIT: My apologies. You're right. Lord knows who it's with. 70% LTV, though. Very bizarre. Never seen a fixed rate without an ERC before.

Meh. You learn something new everyday. They probably have a very low income multiple as well - I'd guess a BS like Isle of Skye Mutual Presbytarian or summat.

Dear grandchild meanmachine. I'll just go and suck this egg which you have so kindly provided me with.