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Metro Bank fixed rate mortgage - 5 year @ 1.84% (65% LTV)
Metro Bank fixed rate mortgage - 5 year @ 1.84% (65% LTV)

Metro Bank fixed rate mortgage - 5 year @ 1.84% (65% LTV)

I've been considering a 5 year fix (65% LTV) and came across this which I thought was pretty decent?

There's a £999 product fee but free legal assistance and valuation. (1.99% with no fee, max* loan size of 100k)

*update, the 1.99% rate is actually offered on a MINIMUM loan size of 100k

21 Comments

That is a great rate but max of 100k?! All I need now is a time machine to take me to a time when that's worth even half a decent house!

Daverobeo

That is a great rate but max of 100k?! All I need now is a time machine … That is a great rate but max of 100k?! All I need now is a time machine to take me to a time when that's worth even half a decent house!

The £100k limit only applies to the fee-free version (presumably as the fee would be disproportionately large on a small loan).

Daverobeo

That is a great rate but max of 100k?! All I need now is a time machine … That is a great rate but max of 100k?! All I need now is a time machine to take me to a time when that's worth even half a decent house!


£100k is the amount of the loan, not the value of the house. Thankfully, not many my age have a £100k mortgage, even if the houses are worth several times that.

Best rate on the market if your mortgage is above £130,000 and your Loan to Value is above 60% but below 65%.

If your mortgage is below £130,000, there are better deals available involving higher rates but no fees.

If your loan to value is below 60%, there are better deals available.

Voted hot because of the fact that, in certain circumstances, it's the best deal on the market.

a decent rate. heated.
i just got a 1.94% fee free from hsbc, but the cheaper rate including the £999 fee upfront made it more expensive for me, all depends on your mortgage, as a basic rule of thumb

Calculate the difference in percentage rate ie 1.99%-1.84% = 0.15% multiply by your mortgage over the 5 year term ie £100k Increased percentage would cost £750, so best to take mortgage without the fee
(note, to get the true value you would need to include interest on a reducing value inline with repayments)

Heres some advice, move country and get a bigger house, come on its cheaper to live in USA, we pay more for everything

Loyds offers better deal on 70%, check

TheGuyWhoNeverGetsSamples

Heres some advice, move country and get a bigger house, come on its … Heres some advice, move country and get a bigger house, come on its cheaper to live in USA, we pay more for everything


Well it's not that easy to just emigrate, is it? If your goal is a big house, maybe moving within the UK is a more realistic option?

Great deal, my remortgage is not due until the end of the year so I wonder how long before can I lock this rate in?

jezcooke

The £100k limit only applies to the fee-free version (presumably as the … The £100k limit only applies to the fee-free version (presumably as the fee would be disproportionately large on a small loan).



100k minimum it says is there any early repayment pemalty

does any one know what the rate is when you factor in the fee or how you do that thanks

anyone know who these people are?

TheGuyWhoNeverGetsSamples

Heres some advice, move country and get a bigger house, come on its … Heres some advice, move country and get a bigger house, come on its cheaper to live in USA, we pay more for everything



Depends which part, same as here. Renting a room in London costs more than a mortgage elsewhere

Shard

Depends which part, same as here. Renting a room in London costs more … Depends which part, same as here. Renting a room in London costs more than a mortgage elsewhere



But living in USA is still cheaper

Houses are bigger and cheaper

Oh we also pay more for stuff over here, a lot more, with Technology its a big difference in prices, remember when Xbox one released it was £500 $500 €500 even though at the time $500 was £300

scoobytawazara

does any one know what the rate is when you factor in the fee or how you … does any one know what the rate is when you factor in the fee or how you do that thanks


Yes this is a good question .
Post #5 says which is better but as a rough estimate.

Very good explanation, I understand better now but as asked previously what is the actual percentage with the fees(1.84%+£999 fee = % ? ) included and how to work it out please.(_;)

whatyadoinsucka

a decent rate. heated. i just got a 1.94% fee free from hsbc, but the … a decent rate. heated. i just got a 1.94% fee free from hsbc, but the cheaper rate including the £999 fee upfront made it more expensive for me, all depends on your mortgage, as a basic rule of thumbCalculate the difference in percentage rate ie 1.99%-1.84% = 0.15% multiply by your mortgage over the 5 year term ie £100k Increased percentage would cost £750, so best to take mortgage without the fee(note, to get the true value you would need to include interest on a reducing value inline with repayments)


can we stop the BS about America and give some constructive advice to my earlier questions

gill21

Very good explanation, I understand better now but as asked previously … Very good explanation, I understand better now but as asked previously what is the actual percentage with the fees(1.84%+£999 fee = % ? ) included and how to work it out please.(_;)



it depends how big your mortgage is, how interest is calculated, etc.

As a basic calculation, for example a £100k mortgage over 5 years, a £999 fee would be £200 a year.
approx 0.2% ie a Fifth of 1% pa, on the other hand if your mortgage is only £50k then it would be 0.4% (2/5ths of 1%).



So if I took the 5year for 1.84%+£999 fees and my mortgage was £100k how much is the actual % I am paying over the 5 years ?

whatyadoinsucka

it depends how big your mortgage is, how interest is calculated, etc.As … it depends how big your mortgage is, how interest is calculated, etc.As a basic calculation, for example a £100k mortgage over 5 years, a £999 fee would be £200 a year.approx 0.2% ie a Fifth of 1% pa, on the other hand if your mortgage is only £50k then it would be 0.4% (2/5ths of 1%).


gill21

So if I took the 5year for 1.84%+£999 fees and my mortgage was £100k how m … So if I took the 5year for 1.84%+£999 fees and my mortgage was £100k how much is the actual % I am paying over the 5 years ?


You also need to factor In the term and repayment amount, As a rough guide
2.04%

Probably worth putting your details in http://www.thisismoney.co.uk/money/mortgageshome/article-1633400/Mortgage-calculator-Compare-true-cost-rates-fees.html

Put your rate with fee and the rate without fee and compare the repayment on each


Thanks for the reply .Would you please show working how you got to the rough 2.04% ?
I am interested in finding out the actual percentage with fees for the 1.84%+999fees.
That link is also very helpful as it shows my total paying costs.

whatyadoinsucka

You also need to factor In the term and repayment amount, As a rough … You also need to factor In the term and repayment amount, As a rough guide 2.04%Probably worth putting your details in http://www.thisismoney.co.uk/money/mortgageshome/article-1633400/Mortgage-calculator-Compare-true-cost-rates-fees.htmlPut your rate with fee and the rate without fee and compare the repayment on each


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