Mortgage Deals & Offers

What if the mortgage lender doesn't actually have that money to lend out, and mortgages are just based on your ability to pay?

Free but full of adds like most apps these days. Why is this a deal am I missing something?

I don't usually say this, but this is one app where the ads are worth it. He's done a cracking job on this. Also the ads aren't intrusive in my opinion, so ok.

To load all the adds that it pushes?

Looks good. Cheers OP

Paying fees in my case, for £35k and less than 5years term is aboolutely pointless, as reduced interest wouldn't pay off the fee amount. So no fee deal for me only.

all in the timing, last time i looked you could get short fixes £0 fee and 1.25% hence take out a short term fix to save 1.5% on the 2.75%, and save the cash (overpayment funds) elsewhere earning interest, when the fix finishes you go onto a SVR, at which point assuming you can pay off the mortgage with no completion fees use your savings to pay off the entire mortgage (assuming T&Cs ok, some companies charge a fee to complete) but presumably you are lump summing monthly so the interest you pay is reducing anyway.. you can get 1.5% fixes (but they all seem to be a £995 booking fee) maybe an MA knows of some deals with zero fee,

1 year fix?? Sorry, but can't see any sense doing so. Could you explain? Fixed rates are generally higher than tracker rates. So why would I want to fix it now, hoping for lump sum paying off mortgage if I could do this on existing condition? I just want as said earlier, similar condition to what I have now, but with less interest rate.

Probably worth speaking to a mortgage advisor but one idea is take out a one year fix at a low rate knowing you will go onto a SVR (Hsbc 4.19%) at which point you make the lump sum and pay off the mortgage in full , depending on the svr terms. Maybe one for a few years time, The trackers long term will always be lower interest than fixed as the fix you are paying a premium , unless You time it well or get lucky

My aim.. Being able to make overpayment this is why I am happy with tracker. And pay off mortgage in less than 3-5years. Ideally same condition as now but with better interest rate. Btw I'm 38

Halifax have 300+ different products. 1.42% 2 year fixed up to 75% ltv and 1.85% for a 5 year up to 60% ltv are the lowest rates they have currently but may not be the cheapest as that depends on other variables like loan amount etc. Totally pointless posting rates for any lender when there are 1000's of variables and products to be considered.

Halifax charging 2.25% for 2yrs fixed and 2.69% for 5yrs fixed on 32% LTV. I think that's criminal

Depends on income. Someone on sub 50k is unlikely to find a lender who will do 5 times income. If your a professional ie accountant/doctor then 5.5 is possible maybe even higher. Income multiples are only a part of the calculation as debt and household expenses also need to be considered.

5x income? Isn't that pretty poor financial advice/management? These are the same folk with a 5k miles per annum leased BMW on the drive.

A mate of the father in laws, Kingston I think the firms called

The rate has gone up to 1.44% now. Thats a shame. Expired what I believe to be the cheapest mortgage deal ever to be put on HUKD for homes under £1million.

Oh, so not suitable for veggies like me? Kindest regards

Early Repayment Charges:2% of balance repaid in year 1, 1% of balance repaid in year 2

You can move your mortgage if you sell house ti by another one, obviously if you plan on downsizing you could end up with an exit fee. I've just fixed for 10 years @ 2.54% but only 5yrs into a 20yr mortgage so wont be looking to downsize in next 10.

Just here for the armchair economist comments (highfive)

I may pop along to learn.

If you are chancellor, because you can.

Then I'm oot.

I wouldn't have thought so. Best take your own.

Will there be free tea and biccies?

My 1.94% 5 year started today... no fees and no hassle.

Did you find the 1.94?

How much you put down a deposit?

First direct 2.29, no fee, 5y fixed. Cannot see 1.94

I've just applied for their 5 yr @1.94% no fee

Did you find out any more about hidden costs with this deal? I've been looking at the same deal (the initial interest rate is now 1.49%), and it looks competitive, but I obviously don't want to get walloped by additional costs that weren't made clear at the outset.

It’s the hidden costs that disappoint with this offer. On face-value this is a competitive mortgage, but after completing an ‘application in principal’ my wife and I soon found that there are a lot of additional costs involved, that are not clearly stated. I’ll update this if I am wrong, but if the additional fees are what they appeared to be last night, our application will be shelved.

Yes, getting the best deal every two years could end up costing more than getting an OK deal and just sticking with it for ten years...

Two-year fixed rate would also imply you would be potentially be paying product fee in another two years for yet another deal

Anyone can advise on how much you have paid in legal fees when remortgaging? As far as I know there are three main costs to take into account when changing provider: product fee, valuation fee and legal. Some providers will cover some or even all of them, some will give you cashback, so comparing takes some time...

The morning w you are 3 we we we we 22nd w the 22nd E3 12th class Pakistan 222 22nd 23rd November to 23rd 22nd 2223322 E3 Q3 net

Damn, just went to go for the 5yr 75% LTV deal and it seems FD havshiked their rates. Gutted :-(

They are a strict lender like hsbc and being an existing customer means nothing to them in terms of lending. They will scrutinise your bank statements ins and outs with a fine tooth comb and like clean credit history.

Only 0.05% extra for 75% LTV. Anyone have any experience of applying with first direct as an existing banking customer?

i have the opposite 60% equity in my property.

My first/current mortgage is with YBS and they were genuinely a pleasure to deal with. After Nationwide messed me around for months and kept sending me to generic call centre staff, YBS approved within a week with a dedicated rep. Excellent service.

They have a nice 5 years fixed term mortgage as well. 1.99% with 995 fee wth LTV less than 65%. I am at Halifax at the moment and looking for a new 5 years fixed term mortgage. The best Halifax can offer me is 3.04% with no fees but it is still more expensive for me than switching to YBS.

Everytime !. I read this as Yorkshire pudding society, get excited and then a quick let down. (annoyed) .

Thanks OP, Just doing some searching for mortgage deals as we're saving for our first home so this may be of use. That's a pretty good introductory rate, the SVR of 4.99% is a little bit of a pain but alas. But we'll see how it compares against the others.

The rate why up the day after I applied. We had been warned by the broker though so we got our application in quickly.

Fd 1.94 (60% ltv) fixed for 5 years with no fee works out cheaper for me. Plus I can only see 1.89 on Sainsbury’s now

The only way is up........fix while you can but watch out for those fees if you have a low amount left to pay.

No nerves here. Though going by your delightful response. Your nerves are frayed and dinner is noodles again.

Looks like a hit a nerve must be ur dads company

Bit odd. I spoke to an adviser after about 3 days.

3 years left for me WHOOP WHOOP, (party) (popcorn) (strong) 8)

First Direct are a pain in the butt having to do it all over the phone, currently been told i have to wait up to 3 weeks to get an appointment with a mortgage adviser? Is this normal? HSBC have same deal guessing as its same bank, wonder if i just go visit one of their branches and do it, or do i have to have a current account with them? Cheers

Will Banks drop their rate or keep it the same? UK base rate remains at 0.5% https://www.moneysavingexpert.com/news/mortgages/2018/05/uk-interest-rate-decision---heres-what-you-need-to-know

That is absolutely brilliant. We really struggled last year between a 5yr fixed 2.69% deal and a 10yr fixed at a higher rate as we were first time buyers with only 15% deposit (plus stamp duty, fees etc). We're overpaying £20K this year alone. The gamble was that in 5yrs time despite rates likely to be much higher we will have much more equity so could remortgage at the better rates (ie 60% LTV). I will have to try the spreadsheet idea (we already did this to calculate our overpayments) and see how much that saves us vs the 10yr fixed. To be honest I think the higher interest charges at 10yr fixed would have made it impossible to save enough to overpay the way we have and clear our mortgage in the 10yrs we have planned. I'd like to think we did better fixing for 5yrs and overpaying that difference to bring up the LTV and getting a 'good' rate for a final 5yr fix so we can clear the lot in 10yrs. I can't wait to find out. Thank you for your logic and inspiring me to look.

anyone know how long it takes to get the cinema tickets after opening an account ?

You have hit the nail on the head :) Glad my post has helped you !

I' thinking of switching bank for the free cash giveaways. What' the minimum term on this? I've been with Lloyds for over 10years, but could I sign up for a club Lloyds account, get the free tickets, and switch bank next month?

Some of the comments here are hilarious. Moaning that it' ONLY 2% interest rate and they got 4% years ago. You compare it to the current interest rates, and 2% ain't bad! I get the feeling people are not realising it' a current account deal, not a credit card. And if you're like I am and with Lloyds anyway, it's an absolute no brainer.

great-thanks! have done it online! very easy to upgrade and went with cinema tickets.

I feel for u. I'm moving to Birmingham in a year's or so time, 2 beds apartment for £100k, 400k+ where I am in london!

The base rate is expected to go up, so i would be tempted to fix for 5 years atleast.

Is that a fixed rate? for how many years?

Wouldn't it make sense to keep some of your cash in bank accounts at a greater return that your mortgage APR? Quite abit of faffing about but you see returns!

It also a list at the bottom about flipping the money between the accounts.

Fix for 5,7 or 10 years then overpay all you can up to the usual10% limit on a standing order, savings rates are so low it's better to service the debt with any spare money. If you agree formally with the lender to reduce the term you can't back out if money is tight wheras the standing order has the same effect but you have control. Money saving expert has a calculator tool that shows the benefit of overpaying, my 11 years remaining at £270 per month becomes just over 5 years with an additional standing order overpayment of £200 per month.

if you find one like this with no fee , thatll do me as well.

Furthermore: you say you've nearly paid your mortgage off. Did you get an inheritance or have rich parents? If not, well then, you can see the irony in my assumption, surely? Btw - your sympathy is a little bit overbearing in the smug department too.

I understand your view and I still forgive you. An apology for calling me a "tool" would also be appreciated. For future reference, you could have responded with "a mortgage is a loan secured against an asset, usually a house, that allows people to buy a house". Would have been more fun.

I think you missed the point. Whenever there is a mortgage deal there is always someone bragging about being mortgage free and usually with comments similar to yours. That might explain the number of 'likes' and perhaps a misunderstanding of your comment. For the record, I will be shortly be mortgage free although looking at the possibility of moving (and therefore increasing my mortgage) but it's affordable and I have a good LTV too. It's not a 'sore' subject by any means and certainly not affecting my ego. I am grateful I am not starting on the housing ladder now. It's virtually impossible for people unless they have parents who can make a significant contribution to the deposit. That's not something my parents had to do but something I am likely to have to do for my own children. Having a mortgage for the majority of working life is a massive commitment. Many people struggle during the period they are raising a family and with a reduced income. Being mortgage free and bragging on here is really quite pathetic though. If of course you aren't bragging and are actually struggling to obtain a mortgage then you have my sympathy.

thx (pirate)

just got 10 year fix with firstdirect 2.49% with no fee

If/when the debt crisis appears, and rates go to the moon, your mortgage issuer will write to you giving six months' notice of their revised rate. Read your contract line by line.

It doesn't come up for me and we have a very low LTV.

I can't see this on their website. Has anyone else found it?

Ah, yes, good point

I'm not trying to say I was right and you were wrong. Just something for people to think about. Yes certainly the bigger the numbers the more beneficial it will be. Not sure how many people have a 95% mortgage which is in the £1800 ball park per month. But you seem to have done your homework and have a plan that works for you. :)

You missed my bit about overpayments. My mortgage as a FTB last year was for just under £350k... by overpaying a bit here and there and keeping fingers crossed for 5% increase in house price per year (not inconceivable where we live) I’m hoping we can get a rate at remortgage time that will be £200ish less a month - which will then be allocated for monthly overpayments to pay it down even quicker.

You also need to looks at the numbers rather than just the LTV. Example: Borrowing £130k (reasonable figure for a first time buyer going for a free fee product) at the end of 5 years you will owe £113k Example: Borrowing £130k after 3 years you will owe £120k. Then you take a 2 year fixed at 2.5% (based on today's best rate plus 2x ¼ points rise). So borrowing £120k after 2 years you will only be a few hundred pounds better off. So you are swapping £200 (or so) for the security of a fixed mortgage for another 2 year. It may be a good thing if say your finances change (redundancy or a baby). Just food for thought. :)

My mortgage is due to renewal in february next year. Just before brexit, so hopefully situation will be clearer to know should we fix for long or short term.

Currently remortgaging through L&C onto a Coventry BS mortgage 5yr fix @ 2.19 with a 499 fee however no ERC and unlimited over payments. Happy to pay the fee to be able to exit the mortgage at any time if I need to move.. porting is an utter nightmare with some banks esp Santander so beware! This deal is for max 60pc ltv btw.

I got the same info about the 3 or 4 months thing, it got very complicated on whether I could or couldn’t, but eventually worked out that I couldn’t!! Fingers crossed, if I find anything I’ll take a screen grab n post it here

Worth a look, that’s from a search this morning but not sure how good the lender is

Nuno had a dream....

I’m with West Brom and have no issues at all

Interest rates are going up not down.

It's 2018 not 2008

Been hints at they going up, possibly a raise in may and then later in the year

Yes - we had just come to the end of a 5 year fixed and think that was just under 4%.

Actual rates are below. Its a decent deal overall but going from 3.99% to 7% at 90% LTV is too much of a jump for me. 7% until 31 May 2019, then 7% until 31 May 2020, then 7% until 31 May 2021, then 6% until 31 May 2022, then 5% until 31 May 2023, then 4% until 31 May 2024, then 3% until 31 May 2025

Always tricky to tell with mortgages. They don't tend to advertise deals for a length of time - they just update their rates every so often.

HSBC offer some of the best rates out there. Whilst you should always check the market, as an existing customer, with a low LTV (<30%), and assuming you have no intention to move, I’d renew with HSBC on best rate available - you shouldn’t have to pay any Product Fee, and there’d be no legals or valuations required. Take a 5 year fix, and pay it all off in that time with over- payments - you won’t regret it, if you are in a position to overpay. Then boom! The house is all yours in 5yrs time!

Were you already on a fix

Yes you can, but it is a maximum of 10% of the remaining balance each year. So if you had a mortgage of £100k, you could overpay by £10k with no charge in year one. Say your mortgage balance is £88k in the second year then you could overpay by £8.8k with no charge. Source https://www.skipton.co.uk/mortgages/mortgage-hub/benefits-of-a-skipton-mortgage Most of our mortgage deals include Early Repayment Charges (ERCs) if overpayments are made that are more than 10% of the mortgage balance in any one year.

Only a year left, and it's £5000 to exit. Will have to let it run.

Is it not worth paying the early redemption penalty and securing lower rate for next few years? Do some number crunching.

gotta do the number crunching alot of these big fee upfront mortgages are just to make the upfront interest rate as low as possible for advertising purposes. often its advisable to go for the higher interest rate with no fee, a decent mortgage broker will advise best on this..

Ouch...you have been very unlucky