5yr fixed rate mortgages

[tali1]

i'm looking at two 5yr fixed rate mortgages
3% to 3.19% no product fee
or 2.84% with £295 fee
Which one to go for?

[tali1]

Sarnie said:

tali1 said:

i'm looking at two 5yr fixed rate mortgages
3% to 3.19% no product fee
or 2.84% with £295 fee
Which one to go for?

What are the monthly payments?
Whats the LTV?
Remortagge or purchase?
Residential or BTL?

£370 per mnth 2.84% with £295 fee
£372 per month 3%
£377 per month 3.19%
LTV is 43%
Remortage
Residential

[tali1]

gibbon said:

£295 over five years is £4.92 a month.

So add £4.92 to the repayment per month, and all other factors being equal (repayment penalties etc etc) pick the lowest.

£370 per mnth amount @2.84% includes the £295 fee.

[tali1]

I know but offsets are also on my mind.

[tali1]

Sarnie said:

tali1 said:

£370 per mnth 2.84% with £295 fee
£372 per month 3%
£377 per month 3.19%
LTV is 43%
Remortage
Residential

How about this;

2.99% Five year fixed rate.
Zero fees.

Is that an offset ?

[tali1]

My own lender is offering 2.99% fix /4 yrs/no fees - makes it about £2pm worse than the 2.84% but avoids hassle of switching to new lender

[tali1]

Sarnie said:

tali1 said:

My own lender is offering 2.99% fix /4 yrs/no fees - makes it about £2pm worse than the 2.84% but avoids hassle of switching to new lender

Are you still looking at offsets?

Offsets seem messy -i'm hot and cold on them.Don't like the higher % rate and i would rather use my savings as long term ISA in stocks /shares.I've got about 16 funds and am only down on one of them.
NandP had the 2.84% and they told me i was better off sticking with current lender.

[tali1]

I've not changed lender before but the switch seems a bit of a rigmarole as you have to go thru whole process from fresh?

[tali1]

Sarnie said:

tali1 said:

I've not changed lender before but the switch seems a bit of a rigmarole as you have to go thru whole process from fresh?

There's no rigmarole when it's all done for you. The hardest thing you do is provide your documentation

Okay- which lender?

[tali1]

Terminator X said:

If you can fix at that level the Banks must see low rates for some time yet!

TX.

Possibly - the thing is that with such a low base rate -it is claimed the only way is up?

[tali1]

After much dithering i remortgaged with current lender .2yrs/2.24%fixed/no fees.

[tali1]

GTIR said:

tali1 said:

After much dithering i remortgaged with current lender .2yrs/2.24%fixed/no fees.

That's good.

Far better to go with current lender than using a mortgage broker. Often their deals are worse than what your current lender is offering, even though you may feel obliged to use them (Especially if they put smileys in their correspondence), plus they usually have a fee.

London and Country have no broker fees
2.09%fix/£99fee is best i could find with west brom
But i find London and Country annoying - been on their system for years and have to go thru whole process again just for a quote .And they just want to sell you life protection -in fact i think it is a requirement of theirs.
Oddly , no trackers from Halifax now -this is my first ever fix deal.Will max out 10% overpayments
Last time i tried to switch the lender refused on visual survey due to "subsidence" (which i got fixed for £20 of pointing)
How much will a new lender check as i have had alterations ?(loft space non dormer converted to bedroom)

Edited by tali1 on Saturday 1st February 20:00