Is this a good deal (again)!

rachelandgromit

Still searcing for a good remortgage deal and narrowed it down to two:

5 year fix at 6.24%
10 year fix at 6.14%

Both £499 fee. Was set on 5 year fix as it's not too long and hopefully things will change. Silly question but does anyone think 10 years is too long at this rate and they will actually come down?!

Thanks everyone

_Andy_

5 year - there are a couple out there cheaper but have higher fees.

10 year - I think if you're happy with the home and see yourself there for the long-term then go for it (as long as you're OK knowing if you want to come out of the mortgage in that time there will be penalties).

Newbird

_Andy_ wrote: »

5 year - there are a couple out there cheaper but have higher fees.

Andy with rates changing everyday what do you reckon is the best 5yr Fx at the mo?

_Andy_

Newbird wrote: »

Andy with rates changing everyday what do you reckon is the best 5yr Fx at the mo?

If you have a look on www.moneyfacts.co.uk - go to mortgages > fixed rates > 5 year you can see them on there. Some will depend on the LTV (loan-to-value) and the lowest rates do come with around a £1k fee.

allan673

BOTH GOOD RATES,
i would fix for 10 years personally,especially if you dont want to move house, but then if the erc is low it doesnt matter anyway. just my opinion for security as i think rates will rise.

rachelandgromit

On moneyfacts.co.uk I have found that alot of the deals are not actually current. e.g. the Woolwich 5.99% 10 year deal which doesn't actually exist - I have confirmed this with them! However, I have seen a deal with principality 5.99% for 10 years and a £999 fee which does work out slightly cheaper than the 10 year deal at 6.14% with a £499 booking fee.

Has anyone any experience of Principality - I have rung them and this deal does exist!

Newbird

Andy and R&G - I have looked at moneyfacts before asking on here, thats why I asked....

I also found it was not fully up-to-date, and with rates changing daily, found it hard to assess what's what really...have also looked at the other comparisons as recommended by Martin....some better, but still some don't seem to concur.

There is also the concern that some lenders are paying for their chart places in some comparison tables....:mad:

I know...I need a good broker, :rolleyes: I've got one good guy looking but he's not whole of market, and more and more deals are being withdrawn from brokers anyway.....which leaves me and any resource I can find myself to check the best of the rest.
Sooo, I'm still looking, aware of the pressure (increasing) to nail a deal quick fast! :eek:

PS: Andy - was also going to ask if anyone has the formula for working out the 'true' cost over 5 years, on fxd deals taking into account any fees etc...??? any links you know of? :question:

PPS: R&G - where did you get those rates from pls? :question:

rachelandgromit

Newbird wrote: »

Andy and R&G - I have looked at moneyfacts before asking on here, thats why I asked....

I've PM'd you NewBird. Overall I think Principality is the best deal (working out the true cost over 10 years with fees), but then I wouldn't add them to my mortgage. It comes in about £500 cheaper over the 10 years.

Good Luck

lisa76

rachelandgromit wrote: »

Has anyone any experience of Principality - I have rung them and this deal does exist!

I've been with the Principality forever and I can't rate them highly enough. They had the best deal when I first got a mortgage in 1999, and when it's come time to renew, they always give you plenty of notice to alert you and they do offer you good deals to stay with them.

rachelandgromit

lisa76 wrote: »

I've been with the Principality forever and I can't rate them highly enough. They had the best deal when I first got a mortgage in 1999, and when it's come time to renew, they always give you plenty of notice to alert you and they do offer you good deals to stay with them.

They are doing the full telephone interview thing on Saturday with me. I think I'm going to go with them. Overall (as long as I pay my fees up front) over the 10 years they come in just over £400 cheaper than Britannia. I think a 10 year 5.99 fix is pretty good - OK interest rates may go down slightly and I may lose out, but I know where I am for 10 years and no chaging a fee to move again in 5 years and I know I can afford it each month - unlike a traker if the rates go up!

rachelandgromit

Just spoke to Principality and am going for the 10 year fix. For anyone that is interested in the 10 year fixes that are about. The fees are £999 + £300 valation and free legal fees. 5.99 fixed for 10 years.

The other one I was thinking of but since decided against it is Britannia, 10 year fix at 6.145, £499 fee, legal fee of £180 and valuation of about £65 minimum. Overall for me the principality is the better deal.

BTW Principality were really good over the phone and have emailed me all the application through to send off with my ID so it can be done pretty quick for anyone who is after something quick.