First Direct 2 Year Fixed Rate 2.48% - 90% LTV £1450 Fee Limited Edition.
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First Direct 2 Year Fixed Rate 2.48% - 90% LTV £1450 Fee Limited Edition.

10
Found 12th Jul 2015
Don't know much about mortgages but after a few days researching, thought this was reasonable for those with a 10% deposit.

The only off putting thing is the product fee of £1450.

Thought I would post to see if its any good. Let me know your thoughts.

10 Comments

Any good info for 1st buyers? Not to be ripped off?

I was recently looking at this. for my self though it worked out I would save £490 over the two years by having the no fee mortgage at 2.99 % plus having the 1450 in my pocket.

fully1

I was recently looking at this. for my self though it worked out I would … I was recently looking at this. for my self though it worked out I would save £490 over the two years by having the no fee mortgage at 2.99 % plus having the 1450 in my pocket.



Do you understood what you have wrote here?

Palwan

Do you understood what you have wrote here?


I'm not sure I understand whether you understood that the understood should be understand.
Edited by: "biggysilly" 13th Jul 2015

biggysilly

I'm not sure I understand whether you understood the understood should be … I'm not sure I understand whether you understood the understood should be understand.



stood
-------------
I

That means I understood.

Palwan

Do you understood what you have wrote here?



I think you mean *understand?.... While the punctuation is far from perfect, I totally get what fully1 is saying; I never really understand these high product fee mortgages, they seem to very rarely work out much better over the term. I guess it depends on how big your mortgage is really.

Fee seems a bit high

OP the rate seems to be good for 90% mortgage but I think the high fee will most likely be a killer in most of the cases.

The main calculation you need to make is how much you are totally paying over the two year period (monthly payment, costs, fees etc.). This will allow you to compare things easily with other mortgage offers. Also don't forget to look at the Standard Variable Rate which will follow after you finish the two years (alternatively you can always move to another provider).

Not voted either way.

Edited by: "AstalaVista" 13th Jul 2015

Min 50k salary single applicant, 75k joint. FD SVR is 3.69 currently
As a bank I can't rate then highly enough for customer service.
Not sure about this deal. Fee seems high

This is only for people borrowing 100s of thousands or more. The more you borrow the more appealing a high product fee mortgage is.

Lets say you are borrowing £450,000. You still need a 50k deposit to get this mortgage. And the 0.5 percent better rate (assuming a 2.99 percent deal with no fee is the only alternative) would be worth more than the product fee and so this one is a better deal.
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