ScoTTyB

Hi all, my mortgage is up for renewal soon and looking around I may go with the halifax, as that is whom I am currently with. I think it's a good idea to get others deals so we can compare

Thinking of 3 year fixed at 5.95% with a £499 fee.

What have you lot been looking at?

Petem95

If I were you I'd be looking for the best deal sharpish, and reserving the deal!

Apparently you can do that up to 6months in advance.

Seems like the better deals on offer are being pulled left right and centre as banks and BS's find it increasingly difficult to secure funding (to lend) so I would spend some time looking for the best deals if I were you!

P1Fanatic

Have u checked you can get that offer as an existing customer as a lot of them have different products for exisiting and new customers.

I changed to Brittania BS last time as were pretty competitive. Their 3yr is 5.79% at the mo with £499 fees also:

Bear in mind that just cos its on their website doesnt mean they are still offering it. They change deals all the time.

Simon

ScoTTyB

Hi,

Yes, it's an existing customer offer off their website today. I was going to hold out for a rate cut next month, but think this seems unlikely now.

Good advice on hurrying up, but you just never know at the moment, alot of people now saying this is the end of the credit crunch!! who knows eh?

john banks

End of the credit crunch, that is simply hilarious

It may be worth speaking to a reputable adviser/broker who will have hands on knowledge of the present state of the market. It may be that they will only be able to offer you a deal as good as one you can find yourself (usually my experience), but it is handy if you get a good one who will chase things up for you and do the leg work. They get a fee from the lender, but you wouldn't see this as a discount if you were a direct customer anyway.

zip106

Our repayment fixed rate is up soon, too.
With Nationwide, our current rates are (2 loans) 4.67% and 4.99%.
The best we can get from Nationwide is 5.63% so it would be an increase of about £120 per month.

That's a 5 year fixed with no fee.
They do a 3 year fixed at 5.98% with £499 fee but it'd work out better for us to do the 5 year.

Dr.No

I've just been looking at doing this - literally yesterday and today - and things are changing almost by the minute.

The general consensus is grab a good deal NOW... as lenders are getting very strict when it comes to new loans.

I was looking at the 5.63% fixed with Nationwide for 5 years, with £499 fees (added on I think)... I guess for new customers zip?

Have now found a much better deal with First Direct - which I've had an agreement in prinicpal on this morning: first direct mortgage - our latest mortgage offers - overview

5.29% fixed for 5 years, offset. £299 admin (added on) + £299 offset setup + £99 valuation - but still works out cheaper over the 5 years than Nationwide.

Even though my mortgage advisor (who's a personal friend) can't refer me to First Direct, and loses out on commission, he told me to bite their hand off...

So - anyone better 5.29% fixed for 5 years?

zip106

The Nationwide 5 yr fixed at 5.63% has no fee.

If you added the First Direct fee (£700) to the deal of 5.29% it seems expensive.

0.24% difference over 5 years - would that save/be more than £700?

I can't do that sort of maths

Dr.No

The Nationwide 5.63% has an arrangement fee of £499 which is waived for existing Nationwide borrowers who are switching products but NOT moving home. Hence, as I'm not currently a Nationwide customer I'm in for a £499 fee... (small print here Nationwide Building Society - Remortgage - Introduction )

My mortgage broker, who could make money from advising me to go with Nationwide at 5.63% for 5 years with £499 fees told me to go with FD at 5.29% for 5 years with £697 total costs even though he can't make any commission on it. He'd done the numbers and said it was a fantastic deal today... it was even better a week or two ago at 4.99% fixed for 5 years...

The difference between NW and FD for me, over the 5 years, is £1540.20 - reduce that by the increased fee (that's not added on - NW add the £499 to the mortgage, and FD add one of the £299s - which I've taken into account)... and it's still over £1100 better.

NotoriousREV

Mortgages | compare 8,500 mortgage and remortgage rates and deals - moneysupermarket UK

Dr.No

But that, and the other comparison sites, don't include First Direct as they don't accept introductions. Much like Direct Line don't appear on insurance comparison sites...

The FD 5 year fixed at 5.29 is a hot topic on the mortgage forum at Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more

Dr.No

If I was in your situation, and didn't have the £499 to pay - and based on my mortgage balance of £137K over 12 yrs then:

Nationwide 5.63 on £137K = £1310.83pm for initial 5yrs of 12yrs.

First Direct 5.29 on £137299 = £1289.93 for initial 5yrs of 12yrs.

So - difference = £20.90 per month = £250 a year = £1254 over 5 years.

Reduce that by the £299 and £99 that FD charge upfront... and (if you were me) you'd save:

£1254 - £299 - £99 = £856

So - perhaps worth doing... perhaps, if you build in the hassle factor, not. Worth doing in my book!

Easy enough to find an online mortgage calculator to work these numbers out, that's what I did.

DN

rb5_336

Ours is coming up for renewal soon, we'll be looking for it to be fixed for the entire term (only 10 years left). Ww normally have 2-3 years fixed deals, but i'm thinking there may be trouble ahead.

zip106

Thanks, Dr No.

Yeah, would be well worth doing the math for some saving.
I've got 18 years left on mine ( and about £60k more than yours )

I'm assuming the FD is for new customers?
We're already with Nationwide and have been for years, but I'm not into the loyalty thing nowadays.....I just want to save money!

Even 5 year fixed is more than we wanted (usually do a 2 year fixed) but it looks more likely rates will go up slowly.

I'll try and do some figures and have a closer look at First Direct.

Cheers

Dunk

iTrader: (1)

The FD deal is great I've reserved a 10 yr fix at 5.15% (since pulled.) A massive win is that I'm borrowing the max they'll lend me, rather than what I need. The diff will go into savings accounts earning c. 6.6%......theefore a net 1.5% on a tidy sum for doing bugger all ! If the savings rate drops than I'll put back into offset. It's a winner now & who knows in yrs 5-10 when my required borrowing will be bugger all, and the opportunity on the differential will be fantastic.

D

Petem95

good work!!

fast bloke

Last time I checked, FD had a maximum loan size of 150k. Check this out before you get your hopes up

Dunk

iTrader: (1)

They've accepted my app of a lot more than this. (unless they've since changed it)

D

NotoriousREV

There's a slight difference. DL don't like comparison sites because it shows up how expensive they are. FD just have a different business model

Petem95

Really hope scoobynetters get out there fast and reserve some of the good deals before they go - seems to be a lot of articles at the moment suggesting that people may not be able to re-mortgage due to the home being valued less than it was 2 years ago.

Credit crunch: Tighten your belts, this could be rough - Mortgages, Money - Independent.co.uk

harry007

just done mine this week with halifax...5.89% for 3yrs and £799 fee.

Gordo

fantastic - if you're paying no tax. 6.6% - 41% tax is less appealing.....

Dunk

iTrader: (1)

Mrs Dunk is a non tax payer.

D