Mortgage Rate

Author
Discussion

Teebs

Original Poster:

4,265 posts

214 months

Thursday 15th September 2016
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Hi all,

Just a quick sense check, I've been offered a new deal through Santander (existing mortage customer) with a 2 year fix at 1.69%, no fees.

I've looked and can't find anything better for 65% LTV.

Reasonable deal?

RichS

351 posts

213 months

Thursday 15th September 2016
quotequote all
.99% HSBC?? Try google

Sarnie

8,025 posts

208 months

Thursday 15th September 2016
quotequote all
RichS said:
.99% HSBC?? Try google
OP said his was fee free.................HSBC's has a £1499 booking fee payable upfront plus other costs...........

RichS

351 posts

213 months

Friday 16th September 2016
quotequote all
Ok so clearly depends on amount borrowed, fair enough. Could still work out cheaper.

OP take a look on moneysupermarket.com or other comparison sites, though they won't show you broker-only deals or help if you're "special interest". For that you'll need our tame racing broker.

rsbmw

3,464 posts

104 months

Friday 16th September 2016
quotequote all
At 65% LTV, unless it's a low value property, it's reasonable to assume paying a fee may be worthwhile for a lower rate.

Personally, I'd be looking at Coventry lifetime discount variable, currently at 1.65%, £999 fee but free legals and valuation.

The PH answer though is, of course, ask Sarnie!

C0ffin D0dger

3,440 posts

144 months

Friday 16th September 2016
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Teebs said:
Hi all,

Just a quick sense check, I've been offered a new deal through Santander (existing mortage customer) with a 2 year fix at 1.69%, no fees.

I've looked and can't find anything better for 65% LTV.

Reasonable deal?
Sounds okay and sticking with your current provider would save hassle as now days switching providers in a major PITA because they want your entire life history first. If you do switch to someone else get a financial advisor to do it, it did myself on our last change to HSBC, never again!

911Ads

297 posts

194 months

Friday 16th September 2016
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Take a look at Barclays..just got a remortgage deal (moving from Halifax) 1.35% fixed for 2 years. £999 fee.

Casa1862

1,062 posts

164 months

Friday 16th September 2016
quotequote all
Sarnie said:
OP said his was fee free.................HSBC's has a £1499 booking fee payable upfront plus other costs...........
Looks like 0.99% hsbc deal has been pulled, wonder if a sign of things to come?

Casa1862

1,062 posts

164 months

Friday 16th September 2016
quotequote all
rsbmw said:
At 65% LTV, unless it's a low value property, it's reasonable to assume paying a fee may be worthwhile for a lower rate.

Personally, I'd be looking at Coventry lifetime discount variable, currently at 1.65%, £999 fee but free legals and valuation.

The PH answer though is, of course, ask Sarnie!
I've been looking at this, they did 1.5% at 50 ltv but doesn't seem to be around now. I'm currently favoring the CBS 1.99% 5 year Flexx with £499 Pf, seems a reasonable fee for no ERC and unlimited over payments. 0.34% more than the variable but £500 cheaper PF and fixed for 5 years should you keep it. It makes £20 per month difference so not much in it.

Teebs

Original Poster:

4,265 posts

214 months

Friday 16th September 2016
quotequote all
Thanks all, doesn't seem to be anything better for my position.

rsbmw

3,464 posts

104 months

Friday 16th September 2016
quotequote all
Casa1862 said:
I've been looking at this, they did 1.5% at 50 ltv but doesn't seem to be around now. I'm currently favoring the CBS 1.99% 5 year Flexx with £499 Pf, seems a reasonable fee for no ERC and unlimited over payments. 0.34% more than the variable but £500 cheaper PF and fixed for 5 years should you keep it. It makes £20 per month difference so not much in it.
Different LTV, but I signed up to the lifetime variable at 1.99%, through Sarnie, it's since dropped to 1.74% with base rate. Not sure the 5 year flexx (still variable, right?) makes much sense, seems relatively expensive at 50% LTV and means you will have to remortgage in 5 years paying another fee.

ETA, looks like 1.65% for term is the best variable they do currently, for 65% LTV and below.

Edited by rsbmw on Friday 16th September 12:17

Casa1862

1,062 posts

164 months

Friday 16th September 2016
quotequote all
rsbmw said:
Different LTV, but I signed up to the lifetime variable at 1.99%, through Sarnie, it's since dropped to 1.74% with base rate. Not sure the 5 year flexx (still variable, right?) makes much sense, seems relatively expensive at 50% LTV and means you will have to remortgage in 5 years paying another fee.

ETA, looks like 1.65% for term is the best variable they do currently, for 65% LTV and below.

Edited by rsbmw on Friday 16th September 12:17
No, the 5 year flexx is fixed but has a £499.00 product fee but No ERC, you can have the same rate fee free but has the normal ERC applied. My thinking is I'm getting the best of both, the security of a fix for 5 years and ability to remortgage should I want to, it's a reasonable fee, basically £500.00 for the extra flexibility. The 1.65% for the term is good but has £995.00 Pf and if we get one rate rise in five years it will be on par with the 5 year fix, but it could go down, that's the risk. Still undecided but I think CBS have the best deals at the mo.

I'm also hoping to massively overpay so could potentially clear the balance in 5 years hence no need to remortgage.

rsbmw

3,464 posts

104 months

Friday 16th September 2016
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Fair enough, I guess the flexx name on a fixed product does make some sense when there's no erc!

CRA1G

6,500 posts

194 months

Friday 16th September 2016
quotequote all
C0ffin D0dger said:
sticking with your current provider would save hassle as now days switching providers in a major PITA because they want your entire life history first.
It still the same with a current provider... I've just come off a ten year fixed on to a variable,never missed a beat but it was like starting from scratch,last 3 years accounts HMRC tax payments and a 3 hour telephone interview even asking how much my wife spends at the hairdressers each month....!

Casa1862

1,062 posts

164 months

Friday 16th September 2016
quotequote all
CRA1G said:
It still the same with a current provider... I've just come off a ten year fixed on to a variable,never missed a beat but it was like starting from scratch,last 3 years accounts HMRC tax payments and a 3 hour telephone interview even asking how much my wife spends at the hairdressers each month....!
Did you ask for "Execution only" Mine took about 5 minutes on the phone, no credit checks or income details required. You must choose your own product and not seek advice, you do loose some financial services protection which didn't matter to me.

C0ffin D0dger

3,440 posts

144 months

Friday 16th September 2016
quotequote all
Casa1862 said:
Did you ask for "Execution only" Mine took about 5 minutes on the phone, no credit checks or income details required. You must choose your own product and not seek advice, you do loose some financial services protection which didn't matter to me.
Interesting, didn't know that was possible. Thanks.

rsbmw

3,464 posts

104 months

Friday 16th September 2016
quotequote all
May be wrong, but I think if your last mortgage was pre MMR (2013?) you would have to go trough affordability anyway.

My answer, give it to sarnie, he sends me something to sign, winner.

Sarnie

8,025 posts

208 months

Friday 16th September 2016
quotequote all
rsbmw said:
May be wrong, but I think if your last mortgage was pre MMR (2013?) you would have to go trough affordability anyway.

My answer, give it to sarnie, he sends me something to sign, winner.
Indeed, one of the benefits of using a broker is that they are then responsible for the advice and can handle a lot of process for you, which they take responsibility for.

Apply direct, the lender now HAS to give advice and therefore has to satisfy themselves that your application is viable......queue 2 weeks to get a phone appointment with some lenders (HSBC for example) or 3 hours on the phone explaining how much it costs to send your son to scouts each month........

Casa1862

1,062 posts

164 months

Friday 16th September 2016
quotequote all
rsbmw said:
May be wrong, but I think if your last mortgage was pre MMR (2013?) you would have to go trough affordability anyway.

.
I took my fixed rate with Coop in 2012 (Pre MMR) they've confirmed if I'm not taking advice then no need to go through another application, switching to another product is very easy. The whole point of going for a retention deal is to save the hassle of a full application even if it's not a market leading rate, if you have to go through process as a new application you might as well switch lender and seek the best the deal.

RichS

351 posts

213 months

Friday 16th September 2016
quotequote all
Casa1862 said:
Looks like 0.99% hsbc deal has been pulled, wonder if a sign of things to come?
No, still there I think