5 Years fixed rate Mortgages 4.75% 20% Deposit @ Post office - HotUKDeals
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These are far best fixed rate deals in the market at the moment.
2 year fixed 3.79% 31/07/2012 3.49% 3.7% APR £999 arrangement fee
5 year fixed 4.75% 31/07/2015 3.49% 4.2% APR £999 arrangement fee

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5 years at 3.99% with 25% deposit and £999 Arrangement Fee,
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chdguy Avatar
6y, 6m agoFound 6 years, 6 months ago
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#1
If you can give 25% deposit instead of 20%, First Direct beats these rates hands down.

Not voted.
#2
Actually, just had a look - and the 75% packages with Post Office actually beat First Direct...

Voted hot.
#3
You're currently better off with a floating rate, and focusing on paying back capital, rather than paying interest in advance. I'm currently on 1.49% fixed above base with the view that your economy simply won't sustain any huge interest rate rises in the near future.

Many thanks to all those out there who are sitting on such high rates, therefore making deals like mine available :)
#4
You are ALWAYS "currently" better off with a floating rate.....never been any different.

The fixed rate gives you security and a knowledge that you can live within a fixed budget. The floating rate is a gamble, and while interest rates look set to stay low you don't have to look too far back to find a time when that situation changed overnight - I can remember 7% going to 15% almost overnight. With eurozone instability and lots of uncertainty about the extent of UK debt I wouldn't get too smug about your situation if I was you (no personal axe to gring here as I am all paid up)

By the way he rate you play is dependent on the rate yor lender borrowed it at - not the rate anyone else borrowed at. You have taken a chance, suits some not others. If you want a fixed rate then rate the deal on its merits - if you don't then don't judge apples against oranges.
#5
40% UK mortgages are tracker. so if it goes anywhere above 7% there will be a property melt down and civil unrest in uk. So if you can afford BoE upto 7% and ready to take that gamble go for a tracker. BoE rate will never go above 7% in any forseeable future
#6
Maveli
BoE rate will never go above 7% in any forseeable future


I'm sure they said that in the 80s - and they never had the aftermath of Quantitative Easing :whistling:
#7
valmiki
I'm sure they said that in the 80s - and they never had the aftermath of Quantitative Easing :whistling:


In the 80s the average mortgage was around 50K and strictly 3 times the salary. But today lot of them are in the 150K region and many took 5 times salary. so in 80s they could afford 15% but today that is not possible for many.
#8
for those with a 25% deposit, wait and see on wednesday, Britannia are reducing the cost of the 2yr and 5yr fixed rates. 2.95% and 3.99% respectively i believe.
#9
I have spent last several days searching high and low for the best rate to remortgage, i feel the natwest one is the best:

2 year tracker
3.19% (ie 2.59% above the base rate)
25% LTV
Zero arrangement fee.
#10
I am a mortgage advisor and am sorry to say that is not the best deal in the market place - far from it. There are better deals to be had through intermederies that can obtain exclusive deals not available to public also some lenders will not lend direct to public they can also have good deals. PS I AM NOT TOUTING FOR BUSINESS JUST MAKING A COMMENT THAT BETTER RATES ARE AVAILABLE.
#11
Remember if you are a Post Office/Royal Mail employee you will receive a reduced arrangement fee.
#12
shanevon
I am a mortgage advisor and am sorry to say that is not the best deal in the market place - far from it. There are better deals to be had through intermederies that can obtain exclusive deals not available to public also some lenders will not lend direct to public they can also have good deals. PS I AM NOT TOUTING FOR BUSINESS JUST MAKING A COMMENT THAT BETTER RATES ARE AVAILABLE.


Care to mention any better deals then? Assuming that is you're not touting for business and you're happy to give an example...
#13
Anything for a poor first time buyer with only a 10% deposit???!

:(
#14
Haroon123
I have spent last several days searching high and low for the best rate to remortgage, i feel the natwest one is the best:

2 year tracker
3.19% (ie 2.59% above the base rate)
25% LTV
Zero arrangement fee.


I really wouldn't want to be coming out of that one in 2 years time. Don't be too sure that interest rates are going to remain this low for a long time to come.
1 Like #15
shanevon
I am a mortgage advisor and am sorry to say that is not the best deal in the market place - far from it. There are better deals to be had through intermederies that can obtain exclusive deals not available to public also some lenders will not lend direct to public they can also have good deals. PS I AM NOT TOUTING FOR BUSINESS JUST MAKING A COMMENT THAT BETTER RATES ARE AVAILABLE.


Good marketing skills!:thumbsup:

Once the BoE increases the rates above 8%, I will come to you!
At the moment I am on tracker 1% above BoE's rate!
#16
I'm still on 0.5% tracking above BoE base rate. :w00t:
Plus maxing out on over-payments :-D
#17
Haroon123
I have spent last several days searching high and low for the best rate to remortgage, i feel the natwest one is the best:

2 year tracker
3.19% (ie 2.59% above the base rate)
25% LTV
Zero arrangement fee.


that sounds good to me, its disgusting how banks charge "product" or arrangement fees, i remember when i first took out a mortgage they weren't more than £250 that was 8 years ago. Now £999 seems average, multiply that every 2 years or so and your adding approx £12000 to your mortgage. for what? anyone know?
#18
Yorkshire Building Society have the following rates for those with 25% deposit:

2 year fixed 2.95% £995 arrangement fee
5 year fixed 4.49% £995 arrangement fee
#19
An interesting thread................

Thanks to the OP for posting the original deal - it is good to know what is out there.

I also find this thread rather amusing with people giving their firm opinions on how interest rates will go / not go. If you are that sure then you should play the stock market and make some money.

Opinions are like ar$eh0les. Everyone has one. :whistling:
#20
Im staying with Nationwide on their BMR which tracks the base rate for life plus 2%.

Im happy with that! :whistling:
#21
Its not entirely fair to compare fixed rates to variable/trackers.

As mentioned above, you will always right now get a better deal on a variable or tracker mortgage. Just some people prefer the stability and reduced risk of a fixed rate.

For a fixed rate, this is a very good deal. If you prefer to take the risk then go for a variable or tracker. Its like putting your money in a cash ISA as opposed to a stocks and shares ISA - higher risk for potential higher gain.
#22
I can't see interest rates going above 3% for at least 5 years, so if you have adequate income, I personally would hold on. I know I can afford 7%, so I am well happy with my 1% above BOE rate and have been for the last 14 months or so.
#23
brez
Anything for a poor first time buyer with only a 10% deposit???!

:(


yes your mums left some tea in the fridge
#24
gizmouk
I'm still on 0.5% tracking above BoE base rate. :w00t:
Plus maxing out on over-payments :-D


0.17%, beat that :p

Never been "good" with mortgages, but fell on my feet with the timing when I took that one out :thumbsup:
#25
anyone know the rate for the "PIGS" or a link?
[Travel Expert]#26
Well I'm on a 10 year fix, unfortunately I fixed my mortgage a few months before they started to drop when it was quite high. 5.89% fix. OK, I'm paying over the odds but I'm single and my view is if I can afford it now (8 years left) I can afford it anytime and I just couldn't take the risk of something that wasn't fixed and even a little % rise could leave me in a mess and at least I don't have to worry about legal fees, setup fees and the such. I suppose you win some you lose some . . . . . no need for those who are in a more fortunate position to gloat!!
#27
valmiki
I'm sure they said that in the 80s - and they never had the aftermath of Quantitative Easing :whistling:

BoE never had control over interest rates like they do now.

One of the few good decisions Labour have left us with.
#28
Haroon123
I have spent last several days searching high and low for the best rate to remortgage, i feel the natwest one is the best:

2 year tracker
3.19% (ie 2.59% above the base rate)
25% LTV
Zero arrangement fee.


I've had the same experience with NatWest/RBS. Mine is 2.99 (2.5 above base rate)
£500 arraignment fee
this was for a 25% deposit

Not only that, but because i'm the sole name on the mortgage, they were also the most generous in respect to lending in regards to the wage to borrowing potential.
#29
not quite as good as the 0.5% i get :P
#30
So you are paying off borrowing that costs you 1% when you could be saving the money at 3%...why?

gizmouk
I'm still on 0.5% tracking above BoE base rate. :w00t:
Plus maxing out on over-payments :-D
#31
DE4L3R
that sounds good to me, its disgusting how banks charge "product" or arrangement fees, i remember when i first took out a mortgage they weren't more than £250 that was 8 years ago. Now £999 seems average, multiply that every 2 years or so and your adding approx £12000 to your mortgage. for what? anyone know?


Yes because setting up a mortage doesn't require any admin work to be done. Banks don't need to lease a spot on the high street. The bank manager doesn't need a salary. Everything comes with fees these days as these fees help pay people's salaries! Shock Horror!!!
#32
I'm voting cold, I have just got a mortgage from Natwest in store, with 20% deposit you get no fee and only 3.29% (2.79% + BR for 2 yrs then 4.00% + BR afterwards).
#33
shanevon
I am a mortgage advisor and am sorry to say that is not the best deal in the market place - far from it. There are better deals to be had through intermederies that can obtain exclusive deals not available to public also some lenders will not lend direct to public they can also have good deals. PS I AM NOT TOUTING FOR BUSINESS JUST MAKING A COMMENT THAT BETTER RATES ARE AVAILABLE.


Well I would never trust a mortgage broker again... when I took my mortgage four years ago I saw a mortgage broker who despite being told that we didn't want one, repeatedly told us that we NEEDED a Northern Rock 120% mortgage (at a higher rate than what we had previously seen) so that we could pay off our loans (which has 6 months to run and were easily affordable) and then a bit extra to spend on new furniture....

Obviously he was on big £££'s commission from NR and so gave us the hard sell on that one.

Needless to say we told him where to go!
#34
harveyhanson
I'm voting cold, I have just got a mortgage from Natwest in store, with 20% deposit you get no fee and only 3.29% (2.79% + BR for 2 yrs then 4.00% + BR afterwards).


which is a WORSE deal...especially when the base rate starts to rise.
#35
rachelandgromit
Well I'm on a 10 year fix, unfortunately I fixed my mortgage a few months before they started to drop when it was quite high. 5.89% fix. OK, I'm paying over the odds but I'm single and my view is if I can afford it now (8 years left) I can afford it anytime and I just couldn't take the risk of something that wasn't fixed and even a little % rise could leave me in a mess and at least I don't have to worry about legal fees, setup fees and the such. I suppose you win some you lose some . . . . . no need for those who are in a more fortunate position to gloat!!


Absolutely gutted for you.....2 years ago i was in the same situation....i was JUST ABOUT to do a 5 year fixed at 5.5% as the rates were going up and up.. but later that day when i went into nationwide to book it they removed that product and it was in effect 5.95%....i somehow decided against it (call it good judgement..luck..whatever) and went for a 3 year tracker at 0.29% above base rate......lets just say it was the single best decision ive ever made in my life....my mortgage has come down from over £500 per month to just over £300!!....i have so far saved £4800 alone on that one fortunate decision i made that day.....(thank GOD the bank got gready and increased the fixed rate that day!!)...if the rate stays low for another year i will save another £2400.......


I count my lucky stars.....we will probably never in our lifetime see the rate this low again.
#36
i got a cracking deal a few years ago with lloydstsb easy living mortgage
its a tracker that tracks at 1% above the bank of england base rate, and 1% below the variable rate for the life of the mortgage, with zero arrangment fee,
all you needed was to owe more than 25k which i only just qualified for
so as the B.O.E. base rate is 0.5% the variable rate would be 2.5%
i am paying 1.5% at the min and have been for about a year now.
i suppose it could of gone the other way though as i think the B.O.E. rate at the time was about 4.5% if i remember correctly
with about 2 and half years left of my mortgage should just clear months before my 41st birthday
not bad concidering i was 23 when i took it out
as mine was only a small mortgage ive only seen about £30 per month come off the mortgage since the peak of 4 years ago
if any of you are just starting out or have a long time to go
ask how many years it will knock off if you pay an extra £10 a month off the capital, as mine knocked off 4 years, so my mortgage went from 19 years left to 15 years left over night, saving a whopping 25k in interest if my memory serves me correctly
#37
tfish
yes your mums left some tea in the fridge


:w00t: funniest thing posted all night!
#38
I am a bit worried about mortgage rates and what I call "the reckoning". Basically inflation is high and will go higher due to the increase in VAT that is coming, higher clothing costs due to the price of cotton, ever increasing fuel costs etc. etc.

BofE/Govt. will suffer this for a little while longer yet but in a year will probably start putting the interest rates up. That is when "the reckoning" will happen.

Think back a few years - most building societies had a variable mortgage rate of base rate +1% whilst banks generally had base rate +2%. You could get trackers at base rate +0.25%. No longer... when BofE/Govt. slashed rates in one go the financial institutions did not and most people were still happy as their mortgage rate still went down massively. Mortgages now are typically up to 4% higher than base rate and trackers 2% higher.

Now in the new financial era when financial institutions must have more liquidity and make profit in a different way how likely is it that when interest rates go back up to 4 or 5% (which is still quite low historically) they will reduce their new. You know they won't.

This is "the reckoning" - when the base rate goes back to 4 or 5% interest rates on the typical mortgage will be 8 or 9% (rather than the 5 or 6% they used to be). This will make a massive difference to most peoples finances. I really hope the reckoning does not happen but I am pretty sure it will - just be very careful about what you commit to and think about what the future holds....
#39
thedraper;8684616
I am a bit worried about mortgage rates and what I call "the reckoning". Basically inflation is high and will go higher due to the increase in VAT that is coming, higher clothing costs due to the price of cotton, ever increasing fuel costs etc. etc.

BofE/Govt. will suffer this for a little while longer yet but in a year will probably start putting the interest rates up. That is when "the reckoning" will happen.

Think back a few years - most building societies had a variable mortgage rate of base rate +1% whilst banks generally had base rate +2%. You could get trackers at base rate +0.25%. No longer... when BofE/Govt. slashed rates in one go the financial institutions did not and most people were still happy as their mortgage rate still went down massively. Mortgages now are typically up to 4% higher than base rate and trackers 2% higher.

Now in the new financial era when financial institutions must have more liquidity and make profit in a different way how likely is it that when interest rates go back up to 4 or 5% (which is still quite low historically) they will reduce their new. You know they won't.

This is "the reckoning" - when the base rate goes back to 4 or 5% interest rates on the typical mortgage will be 8 or 9% (rather than the 5 or 6% they used to be). This will make a massive difference to most peoples finances. I really hope the reckoning does not happen but I am pretty sure it will - just be very careful about what you commit to and think about what the future holds....

i remember about 12 years ago when the government gave the bank of england the power the set the rate, it was because the government didnt want to be blamed for the high interest rates, i wonder if the government will take it back now lol, think it was about the same time as the government over night started taxing you on your pension fund or lump some payment (cant remember which)
#40
m1chaels;8684218
So you are paying off borrowing that costs you 1% when you could be saving the money at 3%...why?

lol as if 3% will make much difference...anyway overpayment will also reduce the payment period - there are some who would like to pay their mortage off

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