salsa-king

had the CIS guy come round last night... said they did a ....


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6months discount rate of 4.49% (discount of 1.65% - std variable 6.14%)
NO admin fee
chaps fee £30

eg borrow £90,030 over 25yrs = £498.11 for the first 6months

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2yr discount rate of 4.74% (discount of 1.4% - std variable 6.14%)
£399 admin fee
chaps fee £30

eg borrow £90,000 ( + fees ) over 25yrs = £513.07 for the first 2yrs

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10yr FIXED 5.39%
£399 amin fee
chaps fee £30

eg borrow £90,000 (+ fees) over 25yrs = £547.01 for the 10yr period.

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after each discount period the morgage can be re morgaged like normal to get the better deals at the time.
he's looking into the fact that if you went for the 6months deal, if you re mortgage you might not need to pay an admin fee if you go to one of their other mortgages. As he has a re mortgage personally with CIS and when he swapped there were no extra admin fees to pay



do these sound good deals?


I know some places charge an arrangment fee £200+
then you still have to pay a admin fee to the mortgage lender (ie bank/building society)
so i didn't think these fees/prices were bad at all!!


Phil

r1chy99

Depends what you're after.... Fixed, Discount or Tracker & the percentage you're borrowing against your house value. Bristol & West have some great discount's available but if you're looking fixed I'd suggest Nationwide or Portman...... LOADS about at the mo, just make sure you don't get one with an extended early repayment charge so you spend 6 months paying nearly 7%

brumdaisy

this is one of the most reputable sites for mortgages - always getting decent write ups in the papers....
http://mortgages.charcolonline.co.uk/

hades

Personally I prefer http://www.moneyfacts.co.uk/menus/ma..._mortgages.htm, but each to their own.

Re: the deals offered by the CIS man. There is something to be said for the idea of the 10 year fixed period by way of security, and many places only fix for up to 5 years - so that has some benefits. However, Leeds BS do a 10 year fixed at 4.99% with no redemption penalty.

The other two deals are nothing special at all IMHO. There are several companies offering discounted rates in the the low 4's for 2 years. However, I personally just don't like the higher rates you get as soon as the discount period ends - 6.14% in your case, slightly higher in some other's.

Several lenders offer a variable (tracker) rate for the life of the mortgage, which is currently sitting below 5%. Hinckley and Rugby are doing a 4.65% tracker - that is cheaper than the 2 year discount period you were offered and you haven't ever got your 1.65% increase "to look forward to". If you need slightly higher income multipliers (H&R tend to be a bit conservative in their lending), try Woolwich, Yorkshire BS or Coventry BS.

Also note that a lot of people offer lower rates in exchange for paying say £3-400 more fees up front. Unless you're really strapped for cash now, these deals tend to offer better value in the long run IMHO.

salsa-king

hades.
when the deal comes near the end of its term i always swap anyway.
hence the CIS guy said go for the 6months deal with no fees.. then go onto a 2 or 3yrs discount deal they have... or move it over to the 10yr one.
rate might change in the mean time iknow... but somewhere will have a good deal.

the thing that looks good wit the CIS at the mo is either the no admin fee or admin fee of only 399.

i know a lot charge a admin fee.. then an arrangement fee if you go to some brokers etc.

CIS let you have over payments too... think it was no more than 5% of the balance each year.


Phil

salsa-king

back to the top for the monday morning workers help

salsa-king

anymore advice?
thinking the cIS are offering a good del.
the guy rang yesterday to say if I took the 6months deal with no dmin fee.. in 6months they cntact me to offer another deal. this deal might not be oneof the offers above.
but if i want to go for a deal like above i'd have to pay the admin fee of £399.

the £399 isn't a bad fee price anyway is it??


Phil

brumdaisy

depends how much time you want to put into fart arsing around with your mortgage. Personally I wouldnt touch a 6 month deal 1)because before you know it you'll have to start all over again and 2) there's plenty of good deals out there for 2-3 years 3) after extensive research i found that the difference in cost of most mortgages is a few bottles of wine a year.

If you want to save the pennies and dont mind the hassle go for it, or if you'd rather sort it and forget it for a couple of years, dont

LG John

Use the following site for all you need to know about mortgages and it also links to sites that can sniff out the best deals for our by searching a large proportion of the online market for you: http://www.moneysavingexpert.com

The site is also excellent for general financial advice

fast bloke

You don't mention if they pay for legal work and valuations. Woolwich have a good deal on at the minute. BBR +0.29 (so currently 4.79%) lifetime tracker, no arrangement fee, free valuation, free legals and no redemption period at all. It can be set up as full flex, overpayments, underpayments, payment holidays, borrow back. None of the CIS deals look like market leaders. The Woolwich deal is going off tomorrow evening, but Nationwide have a few good remortgage deals on at the minute.

When I source a remortgage, I will get a choice of around 17000 deals. This can be easily cut down to 3 or 4 most suitable, but if you get someone representing a single company, they represent the company and are trying to sell you a product. If you get an advisor they SHOULD represent you (some don't and make recommendations based on commission, so ask them to show you a selection of deals and explain why the one they recommend is best)

Turbohot

Woolwich.
I have got it through Barclays.
IMO.

salsa-king

the guy off radio 2!!!


will go see an advisor next week. woolwich looks a good deal. already giot the legal wheels in motion tho... always like to keep with my own legal team.

salsa-king

hades

Well done for following my link and then clicking on oneof the sub-pages . . . . To mu mind, it shows that the CIS deals aren't the best discounted variables out there.

Many places will charge some legal costs or admin fee, valuation or something when you re-mortgage (often added to the cost of the loan), so changing every 6 months to save a few £ a month can actually cost more - at the very least it severely restricts your options in 6 months time.

As noted above, there are deals which give you lower rates and don't involve having to change mortgages every 6 months. Tracker wise I believe the Hinckley & Rugby tracker is marginally the lowest rate (and is offset so effectively allows 100% overpayments if you so desire), but the Woolwich deal looks pretty decent with probably lower up-front costs.

Many mortgage lenders these dyas allow 5-10% overpayment on their normal deals, CIS are hardly unique in that respect

salsa-king

went through a few links off that site... HSBC had some good deals.... so already rag them tonight to get a mortgage adviser for a PREMIER account holder (ie: me).... as they show some 4.45% 2 year discounted rate!

salsa-king

2 year discounts!!!

Discount (with tie-in beyond the benefit period) Back
Lender Rate Duration Standard
Rate Overall
cost for
comparison Max
LTV Tie in
Market Harborough BS
0870 027 1353
4.54% 2 years 6.54% 5.5% APR 75% No Overhang


Norwich & Peterborough BS
0845 345 5713
3.49% 2 years 6.49% 5.9% APR 90% Overhang


Saffron Walden BS
0845 345 3284
3.34% 1 year 6.34% 6.4% APR 95% Overhang


Leek United BS Direct
0870 027 1355
3.74% 1 year 6.49% 6.3% APR 90% No Overhang


Universal BS
0870 027 1352
3.79% 2 years 6.59% 6.6% APR 80% Overhang

fast bloke

Overhang means they will stiff you later - PM me your house value, mortgage amount, term of mortgage and salary and I will give you the cheapest options. People who go for anything with an overhang should be shot on sight..... you are encouraging lenders to stiff you.


by cheapeast I mean least amount of pounds that you have to pay out in total

555-Shaggy

Sorry to hijack Salsa, but fast bloke, could I possibly take you up on that offer too?

salsa-king

not a problem... waiting to see what fast bloke can offer too

salsa-king

Dunfermline BS 4.15% for 2 years 80% £699 No higher lending charge 1st 2 yrs

Direct Line 4.19% for 2 years 95% £599 To 90%, no higher lending charge. Remortgages free valuation & free legal fees 1st 2 yrs

Yorkshire BS 4.25% for 2 years 95% £795 Advances up to 90%, no higher lending charge 1st 2 yrs

Nottingham BS 4.44% for 3 years 80% £495 No higher lending charge, free valn & remtgs free legal fees 1st 3 yrs

Vernon BS 4.50% for 3 years 80% £39 Free valuation, £200 rebate or free legal fees. No higher lending charge 1st 3 yrs

National Counties BS 4.40% for 5 years 80% £395 No higher lending charge 1st 5 yrs




vernon lbs ooks good?

salsa-king

fast bloke... your PM box is full.

maybe the HSBC is the best so far then?