Mortgage Advice
Discussion
HELP!
FTB here, i have placed a daft offer on a house and it has been accepted.
The house is costing £73500 (was 110k). I have a 20k deposit so am borrowing £53500.
My questions...
Im with Lloyds TSB. They have offered me a 3 year fixed rate at 4.7%. No fee's and i can pay an extra 10% of the capital off interest free during the duration of the fixed rate. I hope to pay that capital off.
As im a first time buyer, total novice at this can anyone give some good advice on anything else i need to consider mortgage wise.
I have already spoken to a few other companies who say they cannot match the Lloyds offer.
Thanks.
FTB here, i have placed a daft offer on a house and it has been accepted.
The house is costing £73500 (was 110k). I have a 20k deposit so am borrowing £53500.
My questions...
Im with Lloyds TSB. They have offered me a 3 year fixed rate at 4.7%. No fee's and i can pay an extra 10% of the capital off interest free during the duration of the fixed rate. I hope to pay that capital off.
As im a first time buyer, total novice at this can anyone give some good advice on anything else i need to consider mortgage wise.
I have already spoken to a few other companies who say they cannot match the Lloyds offer.
Thanks.
Check The Abbey matey, they have some fixed deals at 3.99%
http://www.fool.co.uk/mortgages/fixed-rate-mortgag...
HTH
http://www.fool.co.uk/mortgages/fixed-rate-mortgag...
HTH
Thanks for the link Mate.
Im meeting the LLoyds TSB advisor at 3pm. I need to exchange contracts in 28 days (its a repossesion).
Just been looking around and found Alliance and Leicester are doing a 2 year fixed rate. Monthly repayments are £261/month opposed to the Lloyds 3 year fixed rate which is £285/month.
Arrrggggghhhhhhhhhhhhhhhhhhhhhhh
Im meeting the LLoyds TSB advisor at 3pm. I need to exchange contracts in 28 days (its a repossesion).
Just been looking around and found Alliance and Leicester are doing a 2 year fixed rate. Monthly repayments are £261/month opposed to the Lloyds 3 year fixed rate which is £285/month.
Arrrggggghhhhhhhhhhhhhhhhhhhhhhh
Yes PM Scotal but in the mean time check out moneysupermarket.com
As you are putting down >25% LTV (loan to purchase price anyway) you should get an even better rate.
Don't forget to consider the costs of fees and early redemption penalties.
Congrats on your new home btw, assuming that it all goes through!
As you are putting down >25% LTV (loan to purchase price anyway) you should get an even better rate.
Don't forget to consider the costs of fees and early redemption penalties.
Congrats on your new home btw, assuming that it all goes through!
If you expect to be able to make some overpayments, that suggests you could consider a tracker mortgage as you could afford to risk higher payments if interest rates went up. Alliance and Leicester have lower rates than that (but with fees), and have a fully flexible overpayment policy.
If you can, set up a spreadsheet to model the effect of different fees, interest rates and overpayments it can be useful to see what difference it all makes.
Good luck with the new house
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