Ringpeas

Hi

I have just trawled through the best buy tables and found the HSBC are offering 2.74% but want a thousand pounds to fill out the form.

Has anyone found a better deal recently on a tracker or discount mortgage?

Need to borrow 80K over 20 years with a LTV of about 40%

Thanks for any advice

RJM25R

iTrader: (1)

why not trawl the internet, comparison sites Etc?

More chance than asking on here. . .

stevebt

iTrader: (8)

I hopeee they keep them up as I have 1month left before my mortgage is due for renewal. I want a good cheap fixed

Ringpeas

I thought I said I had?

RJM25R

iTrader: (1)

Yeah, that came over completely wrong! I meant that if you've trawled the internet, surely no-one on here will give better info.

Honestly, it made sense to me when I tyred it!!

greatgonzo

iTrader: (1)

2.74% sounds like a very good rate! what sort was that ? fixed , tracker or discount ??

john banks

HSBC are doing 1.99% which is a 2 year discount, 40% LTV, £1199 arrangement.

Ringpeas

Discounted tracker if I remember

Ringpeas

Thanks John

I saw that advertised, but every time I clicked on the link it replaced it with another deal.

Gordo

why not go offset - eg woolwich 2.97% - will work out cheaper with the impact of the offset

Ringpeas

It would if I had much in the way of savings. My wife makes sure that never happens

Fangoria

iTrader: (1)

hsbc is by far the best offer out there given many mortgages these days require a hefty deposit and realistically large deposits
Other than that First Direct is about the best

I pay 1.49% on an offset with FD but I took that just at the right time and its a 0.99% above base for life...... until the market sees sense again

Note that most mortgage rates and especially loan rates are a rip off as Libor is not much now above bank base rate so we are all being taken for a ride - not much most of us can do about it though

Gordo

you'd stil save money, even if you spent your whole wage every month.

e.g. let's say you get paid £3k a month net - and you've spent it all by the time the next pay packet arrives. you'll have had on average £1.5k in the account through the month and, as interest is calculated daily, you've therefore saved the interest on that amount. maybe not much at current interest rates (perhaps £45 a month), but will add up....

Good luck

Gordo

Ringpeas

I make that £45 a year or £3.75 a month

Unless my math is way out

EddScott

But if you have a tracker at say 2.5% above base, what happens when base goes back up to 5 or 6% - you'll be on 8.5%

IMO, either fix it or go for a very low term on the tracker and if your desperate interest only - at least then if rates go skyward your not paying ££££££

However, I did read someone who was pretending to know what they were talking about predicting rates would not move until the end of next year.

Klaatu

You are adding to the problem, ie, you don't have the money to pay back the loan. Do "poeple" learn?

hodgy0_2

no one gets rich using their own money -- that is the first lesson of finance

always use someone else's money

EddScott

An £80K loan over 20 years making up 60% of the value of the property is hardly adding to the problem. Plus without knowing the combined salaries and the multiples used they may or may not be able to afford it.

Adding to the problem would be taking out a 120% mortgage or using a multiple greater than 4 combined.

Its not lending thats the problem, its irresponsible lending - or indeed lending to the irresponsible.

Phantom_Flan_Flinger

Martin Lewis has a free Remortgage guide on his site.

Dave.

Ringpeas

Thankyou

The loan will be about 40% of the property value, and as I have paid off my first mortgage I thought I could treat my familly to a nicer home.
The best HSBC deal will work out about £400 a month which should not cripple me or the economy too much
Not bad for a 4 bed detached in a nice area
All that shift work has finally paid off!