DazW

iTrader: (1)

maybe not the best time to be considering a new mortgage ...but needs must!

Currently with the Coventry Building Society & need to release some equity for an extension (£15K) ...unfortunately (for them) they cant give me the same rate of interest for the extra lending, so it's probably going to be easier/cheaper to re-mortgage for the total amount & possibly swap lenders, so...

Any good deals out there at the moment? ...looking for an Interest only (we have endowment ...dont say a word! ) ...& a flexable type ( current CBS's is linked to BoE by no more than 0.25% iirc) as we're likely to want to pay off it off a bit quicker than the 18 years left.

Just thought i'd ask on here first, before spending a day surfing!

orbix

We are looking at possibly changing lenders and getting a on to a fix rate.

I'm not sure about the interest only option but at the moment both the Halifax and Abbey do a similair product.
5.14% 2 year fix, 10% in over payments, free legals and valuation i think.
£900 arrangement fee.

PeteBrant

Some of the long term fixed rate deals look quite attractive. You can get a 25 year fixed rate @ 5.9% - With early payment intervals should you get a windfall.

Historically speaking, this is quite a good deal - Especially considering over the last 25 years the average was around 8%

Terminator X

iTrader: (7)

The doomsday team will be along soon to console you with stories of 15% interest rates & how they have all made small fortunes by living with their parents well in to their forties

Go for it fella!

TX.

Terminator X

iTrader: (7)

^^ Abbey do a 2yr fixed rate at 5.24%, 5yr at 5.79% & 10yr at 5.49%. I would not get a tracker at the mo as rates seem to be creeping up in the short term.

TX.

salsa-king

i'd have though borrowing £15k at a slightly higher rate than the reat of your mortgage would be cheaper than swapping the whole mortage+£15k to someone else which no doubt would be a higher rate than you have now anyway?
with arrangment fee etc etc are you still better off changing and having to go through all you finances with a new lender again?

Norman Dog

iTrader: (1)

Try moneysupermarket.com, I got a very good deal, 1.99% for two years

Don't think many places will go that low now due to higher interest rates though.

DazW

iTrader: (1)

Cheers Guy's

Not really, my current rate is 5.45% & that's a tracker so will probably go up again ...the £15K extra will be @ 6.25% as it will be classed as a home improvement loan ...i did ask about just remortgaging on the new total & what the arrangement fee would be ...£500 plus another £300 for a valuation! (which i think is taking the pee on a £300K house!)

In the mid term, If i can find a fixed rate of say 5.25 for 3-5 years with a minimal arrangement fee (Ive seen them as low as £300) & no valuation fee (I begrudge paying £300 for a valuation when all they have to do is look at what we bought it for ...info readily available on t'internet & still more than double the amount we want borrow!) then ill be more than happy

& arranging a mortgage these days is pretty easy ...we did it in branch & it only took about an hour (with the funds released 14 days later), mainly because i knew exactly what we wanted (tracker, interest only) & didn't want any of the other 'tat' that they wanted to tack on like Home Ins./Redundancy cover/ Life Ins.

FlightMan

Nationwide do 5.44% fixed for 5 years. Upto £500 a month over payment, no arrangement fee.

P1-Brad

I can't see this on their website ... when / where did you see this deal?

Cheers

Bradders

fast bloke

Daz - it is probably worth talking to a broker. I have a choice of 14000 fixed deals - fees run from £0 up to 3% - variety of incentives. Nationwide 5 year is the cheapest 'feesaver' (no booking fee, free legals free survey) at 5.44 for 5 years. Abbey have a 2 year fixed, free legals, free survey £999.00 booking fee at 5.14%. These two deals cost virtually the same over two years on a 160k mortgage. Nationwide is better for mortgages of less than 160k, Abbey is better if you need more than 160k. You need to do similar comparisons for incentives to get an accurate picture of which deal is really the cheapest.

(If you are happy to go with the cheapest headline rate can I suggest Saffron Building Society. 0.001% Fixed for 6 months )

Patt@firstime

No ERC?

fast bloke

Just a little bit IIRC

FlightMan

I took it out on Friday. It may not be there now.

orbix

This sounds similiar to one by Derbyshire BS I was looking at last night.

I've put 2 mortgage applications in today, one for Halifax 5.14%, 2 year fix stops tonight and Nottingham BS BTL 5.54% 3 year fix (interest only).

I was almost tempted by there 4.69% 2 year discounted rate for BTL's.

fast bloke

Two mortgages in one day - you need to sell more pretection and spend moretme surfing