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5 year fixed mortgage - 1.35% - £999 booking fee - 60% LTV @ Lloyds Bank
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5 year fixed mortgage - 1.35% - £999 booking fee - 60% LTV @ Lloyds Bank

Deal editor167
Deal editor
Posted 11th Jun
Lloyds now have a 5 year fixed rate mortgage with a 1.35% rate and £999 booking fee with 60% LTV. This maybe of interest if you are up for renewal, with a higher level of equity and looking for a longer term deal. Eligible customers include if you are remortgaging. This is 4bps lower than the HSBC deal with the same product fee. Free valuation and standard legal fees paid. Also if you are a Club Lloyds customer you can receive £200 cashback when remortgaging from another lender.

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60% Maximum Loan to Value (LTV) - 5 Year Fixed Rate 1.35% £999 booking fee

  • 5 year fixed rate 1.35% rate with 60% LTV
  • £999 booking fee
  • Annual overpayment allowance 10%
  • Early Repayment charges - Tiered 5% year 1, 4% year 2, 3% year 3, 2% year 4, 1% year 5
  • Free valuation and standard legal fees paid
  • Extra £200 cashback for Lloyds customers switching lenders

How to compare mortgages

To calculate the total cost of a mortgage deal. You can do this by adding together the total monthly payments over the fixed period (5 x 12 = 60 payments in this case) then adding any product fee minus any cashback.

LTVs

LTV stands for loan-to-value and is the percentage of the property’s value you want to borrow. So if a property is worth £100,000 and you need to borrow £60,000, your LTV is 60%; if you need to borrow £90,000, your LTV would be 90%. All other things being equal, the lower your LTV, the better the mortgage rates you’ll be offered.
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Top comments
sofiathefirst111/06/2020 18:20

One of the many low interest rate offers to come out due to the massive …One of the many low interest rate offers to come out due to the massive recession. Expect interest rates to remain low for a long time just like the previous financial crisis


And due to the low interest rates house prices to remain high (more than they are worth in regard to average wages, etc.) New home builders and land owners continuing to make a fortune and continue building on green areas regardless of the road networks and services in the area being under already immense pressure.
Edited by: "LanzaJet" 11th Jun
LanzaJet11/06/2020 18:37

And due to the low interest rates house prices to remain high (more than …And due to the low interest rates house prices to remain high (more than they are worth in regard to average wages, etc.) New home builders and land owners continuing to make a fortune and continue building on green areas regardless of the road networks and services in the area being under already immense pressure.


Homes should cost what they cost to build materials/labour etc profiteering from our basic needs is morally wrong and needs to stop
cjm15027311/06/2020 18:05

So its really 1.55% (for 100k) when you include the booking fee


No it’s 1.35% + £999 booking fee.

Why on earth would anyone specify this as a percentage that only applies to one specific mortgage value? That’s madness and will instantly be a useless number to almost everybody.
So its really 1.55% (for 100k) when you include the booking fee
Edited by: "cjm150273" 11th Jun
167 Comments
Heat Chanchi 🔥🔥
Wow. Awesome rate. Hawt!
So its really 1.55% (for 100k) when you include the booking fee
Edited by: "cjm150273" 11th Jun
One of the many low interest rate offers to come out due to the massive recession. Expect interest rates to remain low for a long time just like the previous financial crisis
sofiathefirst111/06/2020 18:20

One of the many low interest rate offers to come out due to the massive …One of the many low interest rate offers to come out due to the massive recession. Expect interest rates to remain low for a long time just like the previous financial crisis


And due to the low interest rates house prices to remain high (more than they are worth in regard to average wages, etc.) New home builders and land owners continuing to make a fortune and continue building on green areas regardless of the road networks and services in the area being under already immense pressure.
Edited by: "LanzaJet" 11th Jun
LanzaJet11/06/2020 18:37

And due to the low interest rates house prices to remain high (more than …And due to the low interest rates house prices to remain high (more than they are worth in regard to average wages, etc.) New home builders and land owners continuing to make a fortune and continue building on green areas regardless of the road networks and services in the area being under already immense pressure.


In this world 🌍 only money 💰 matters my friend... I like your point of view
My goodness, they will be paying people to have a mortgage soon.
Edited by: "Melbury" 11th Jun
LanzaJet11/06/2020 18:37

And due to the low interest rates house prices to remain high (more than …And due to the low interest rates house prices to remain high (more than they are worth in regard to average wages, etc.) New home builders and land owners continuing to make a fortune and continue building on green areas regardless of the road networks and services in the area being under already immense pressure.


Homes should cost what they cost to build materials/labour etc profiteering from our basic needs is morally wrong and needs to stop
I expect there will be many houses up for sale soon by owners that have lost their income through redundancy, furlough scheme or short hours. Soon to be a buyers market as people downsize before negative equity bites.
gamechanger111/06/2020 19:12

Homes should cost what they cost to build materials/labour etc …Homes should cost what they cost to build materials/labour etc profiteering from our basic needs is morally wrong and needs to stop


A house does not float! You are buying ownership of the land which is finite on this island of ours
Good rate but unfortunately, the £999 booking fee kills it for me.

The 5yr fixed 1.59% rate with zero fees from HSBC is currently the best deal i have found for when my current deal expires end of October. I very much doubt rates will come down any lower (but i remain hopeful).
gamechanger111/06/2020 19:12

Homes should cost what they cost to build materials/labour etc …Homes should cost what they cost to build materials/labour etc profiteering from our basic needs is morally wrong and needs to stop


Home prices are linked to the land they sit on. Also if you do feel that way there is nothing stopping you (or anyone else) buying a piece of land and doing it yourself.
iltwist11/06/2020 19:41

Home prices are linked to the land they sit on. Also if you do feel that …Home prices are linked to the land they sit on. Also if you do feel that way there is nothing stopping you (or anyone else) buying a piece of land and doing it yourself.


Land masses are bought and split into the smallest sections at a huge profit. Housing companies knock dwellings out far cheaper in bulk than a one off self build. A lot of land is already in these companies stocks whilst they battle with the councils for planning permission using their own employed law departments.
Melbury11/06/2020 19:06

My goodness, they will be paying people to have a mortgage soon.


The bait would be too obvious.
gamechanger111/06/2020 19:12

Homes should cost what they cost to build materials/labour etc …Homes should cost what they cost to build materials/labour etc profiteering from our basic needs is morally wrong and needs to stop


The majority of the value is in the land/location. If I had bought my house in a different area the exact same house was available for almost £200k less.
cjm15027311/06/2020 18:05

So its really 1.55% (for 100k) when you include the booking fee


No it’s 1.35% + £999 booking fee.

Why on earth would anyone specify this as a percentage that only applies to one specific mortgage value? That’s madness and will instantly be a useless number to almost everybody.
Mike_HUKD11/06/2020 21:35

No it’s 1.35% + £999 booking fee. Why on earth would anyone specify this as …No it’s 1.35% + £999 booking fee. Why on earth would anyone specify this as a percentage that only applies to one specific mortgage value? That’s madness and will instantly be a useless number to almost everybody.


Or 1.75% on 50k, the less you borrow the worse the deal
For similar BTL deals landlords pay 1% extra interest.
cjm15027311/06/2020 21:43

Or 1.75% on 50k, the less you borrow the worse the deal


Or better the more you borrow. Hence why your comment was utterly pointless.
🔥
cjm15027311/06/2020 18:05

So its really 1.55% (for 100k) when you include the booking fee


Silly comment. Why pick that arbitrary number? If you have a higher mortgage this is an excellent deal - you'll easily save that £999 over 5 years on the reduced interest.
cjm15027311/06/2020 21:43

Or 1.75% on 50k, the less you borrow the worse the deal


Next you’ll be telling us “the higher the rate, the more you’ll pay in interest”
Another good rate, not available on less than 100k borrowing 😔
Mike_HUKD11/06/2020 21:35

No it’s 1.35% + £999 booking fee. Why on earth would anyone specify this as …No it’s 1.35% + £999 booking fee. Why on earth would anyone specify this as a percentage that only applies to one specific mortgage value? That’s madness and will instantly be a useless number to almost everybody.


It's a good way of checking, as the person would want to know their total outlay over the 5 year period. That, I would class as relevant, and the person is working out the effective rate of simple interest to them over the period.
Edited by: "Marcus_72" 12th Jun
kidrock12311/06/2020 19:39

Good rate but unfortunately, the £999 booking fee kills it for me.The 5yr …Good rate but unfortunately, the £999 booking fee kills it for me.The 5yr fixed 1.59% rate with zero fees from HSBC is currently the best deal i have found for when my current deal expires end of October. I very much doubt rates will come down any lower (but i remain hopeful).


I’ve just taken that deal.
cjm15027311/06/2020 18:05

So its really 1.55% (for 100k) when you include the booking fee

Halifax are offering 1.41 I think I don't know what fee is....
Marcus_7212/06/2020 06:52

It's a good way of checking, as the person would want to know their total …It's a good way of checking, as the person would want to know their total outlay over the 5 year period. That, I would class as relevant, and the person is working out the effective rate of simple interest to them over the period.


It's not just the cost of the interest and the booking fee. Also need to consider the capital repayment over minimum term and any closing fees.
I said it here before, how can a bank justify £999 fee? Basically they are adding £1000 to your mortgage. The banks are borrowing money from BoE for 0% and lending them to you for 1.35% Over 25 years and tens of thousands of customers... still a very nice profit. Surely their fees like admin fee should be included in the interest rate, what the f is a £999 booking fee?
Anyone know if you are already with Lloyd's and looking to remortgage will they waive the booking fee?
gamechanger111/06/2020 19:12

Homes should cost what they cost to build materials/labour etc …Homes should cost what they cost to build materials/labour etc profiteering from our basic needs is morally wrong and needs to stop


This is not how things work. It’s their business. Will you apply same logic to food items?
Woo hoo debt party! HOT!
I'm with nationwide and due to remortgage by August. Initially remortgaged with them with a rate of 1.39. The day before it was about to go through they dropped the rate to 1.34. I'm now holding out to see if Boe drop their interest rates. Due for another announcement on the 18th June.
"How to compare mortgages

To calculate the total cost of a mortgage deal. You can do this by adding together the total monthly payments over the fixed period (5 x 12 = 60 payments in this case) then adding any product fee minus any cashback."

You also need to include the outstanding balance at the end of the initial period - 5 years in this case.
I can’t imagine interest rates lowering by much more over the coming months, but you never know. If anything they have risen ever so slightly on average over the past month.

I’m unsure whether to choose our remortgage deal now, or wait until closer to the end of August when our current term ends. Also unsure whether to go for a 2 or 5 year fixed. The joys of trying to predict the future!
paulblack12/06/2020 09:22

I'm with nationwide and due to remortgage by August. Initially remortgaged …I'm with nationwide and due to remortgage by August. Initially remortgaged with them with a rate of 1.39. The day before it was about to go through they dropped the rate to 1.34. I'm now holding out to see if Boe drop their interest rates. Due for another announcement on the 18th June.



I doubt it, it’s already at 0.1%.
theshabster12/06/2020 09:39

I can’t imagine interest rates lowering by much more over the coming m …I can’t imagine interest rates lowering by much more over the coming months, but you never know. If anything they have risen ever so slightly on average over the past month.I’m unsure whether to choose our remortgage deal now, or wait until closer to the end of August when our current term ends. Also unsure whether to go for a 2 or 5 year fixed. The joys of trying to predict the future!


I was in the same boat, mine wasn't due to end until September but decided will be staying put for 5 years in this house so took a 1.49% at 75% LTV with £999 booking fee added to loan with existing provider Nationwide. I was kinda half thinking to wait, but even if prices do drop slightly, 1.49% is still a very good deal.
theshabster12/06/2020 09:39

I can’t imagine interest rates lowering by much more over the coming m …I can’t imagine interest rates lowering by much more over the coming months, but you never know. If anything they have risen ever so slightly on average over the past month.I’m unsure whether to choose our remortgage deal now, or wait until closer to the end of August when our current term ends. Also unsure whether to go for a 2 or 5 year fixed. The joys of trying to predict the future!



Wait for the recession to kick in and have lower interest rates. Doing so now would be bad!
thisismoney.co.uk/mon…tml
This has been useful for calculating the difference between product-fee-based and non-fee-based mortgages for me.
3LeggedDog12/06/2020 09:56

I was in the same boat, mine wasn't due to end until September but decided …I was in the same boat, mine wasn't due to end until September but decided will be staying put for 5 years in this house so took a 1.49% at 75% LTV with £999 booking fee added to loan with existing provider Nationwide. I was kinda half thinking to wait, but even if prices do drop slightly, 1.49% is still a very good deal.


Did you take the estimated value that they gave you, assuming you remortgaged? Our current mortgage provider gave us an estimated value that won’t have taken into consideration the improvements we’ve done, so I’m half tempted to ask them how we go about getting a more accurate valuation. Wouldn’t make a big difference, but potentially the difference between 80% LTV and 75% LTV rates.
PenguinsForAll12/06/2020 09:57

Wait for the recession to kick in and have lower interest rates. Doing so …Wait for the recession to kick in and have lower interest rates. Doing so now would be bad!


That’s what I’m thinking, just hold off for a couple of months and see what happens. Still can’t imagine rates will get much lower though.
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