Discussion
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!
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!
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!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?
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. 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!
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
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.
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.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
I'm also hoping to massively overpay so could potentially clear the balance in 5 years hence no need to remortgage.
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....!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. 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 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.My answer, give it to sarnie, he sends me something to sign, winner.
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........
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. .
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