beal

iTrader: (1)

Whats the best anyones seen around at the moment?
Best i can find is 6.99....fixed for 5..........

P1Fanatic

Whats your LTV?

Simon

Mitchy260

Depends on your LTV and if you want to buy a product.

High product fee = Low rate
Low product fee = Higher rate
No product fee = An even higher rate.

A rate of 6.99% can be better than 6.49% when fees are factored in.

I believe the average mortgage sold for the month of May 08 was 6.27% and that was with 75% LTV, so it has probably risen since then.

Some people are in for a bit of a shock when they come to remortgaging over the next year or so.

CooperS

I got 5.99 for 3 years from the Halifax a fortnight ago, came with a lovely £999 arrangement though.

No one else could get near it, mind.

P.S. 85% LTV

Mitchy260

£999 is quite a high fee, perhaps a higher rate, smaller fee would have worked out cheaper for you?

When you take the £999 fee and divide by 36 and then add that on top of your monthly mortgage payments (+£27.75pm) its probably possible a rate of say 6.4% with a £200 fee would have worked out cheaper?

Some people get sucked into these ''not so low rates'' and think they've struck a good deal. The real cost of yours will probably be above 6.3% factoring in the arrangement fee.

You are effectively just buying an interest rate.

There are 5.5% mortgages still available but with £2k fees

Ru55e11

We fixed for 5 years last October.

6.34% - zero fees - 51% LTV ratio.

Generally speaking, the bigger the mortgage - the less impactive any fee.

<Russ>

fast bloke

Depends on the size of the mortgage - 0.25% on a 500k mortgage is £100 per month, so if you pay a 2k fee to save £100 a month for 60 months you have hardly been 'sucked in'

However - on a 50 k mortgage, the saving would be a tenner a month, so you pay 2k to save 600..... in which case you probably need to take some advice

Blairc

Just got a mortgage sorted out and what a nightmare it was. The products on offer one week were nearly always pulled the following week and replaced with higher rate ones.

Ended up with a fixed deal for 2 years with Royal Bank of Scotland, can't remember exact rate but it was far from nice!!!! 90% LTV

My advise to anyone thinking of getting a mortgage sorted out is double the ammount of time you think you will need to get it in place. All the banks appear to have become very very tight and want everything to be perfectly in place.

rb5_336

We fixed ours for 10 years at 5.77% via the Woolwich

CooperS

Nah the other banks were still coming in at 6.5+ with £699 fees minimum from what I could find, and i trawled around the high streets and net for bloody weeks