Then I'm oot.
I wouldn't have thought so. Best take your own.
Will there be free tea and biccies?
Then I'm oot.
I wouldn't have thought so. Best take your own.
Will there be free tea and biccies?
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...
This is all good advice - the best deal for each individual depends very much on their mortgage amount as well as the rate/fee combo. I'd advise against adding the fee to the mortgage wherever possible - pay it separately upfront. Otherwise you're potentially paying interest on the fee for 25 years or whatever and it will cost you loads.
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.
I’ve just got a mortgage for 2.45% fixed for 5 year with 90%.
18 months left on our 3.09% fixed ;( Shouldn't keep looking at these deals as makes me sad that when it finally roles round again 3.09% will be seen as good...
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
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.
@ Sebastian_D I've just ended up getting accepted on a 5 year fixed deal (cheeky) at 1.84% which i'm very happy with. Decided to break from the 2 year deals as it's 3 lots of fees in the same period plus the chance of a rate rise so 5 years it is this time round and it's costing me exactly the same as i'm paying now on my current 2 year deal so couldn't resist.
Thanks for the response - I have literally never heard of this and in fact paid 6k when the market crashed to get out of an expensive mortgage, why did no one tell me to repay but not close! I’m telling everyone!
No, you're only tied in for 10 years so you could pay the balance at 10 years plus one day without penalty. To be honest, I think if you call them and ask to set the mortgage term to 10 years they would you let you. I just don't think the online search likes it if you put 10 years in as the term of the mortgage.
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.
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?
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
This seems to have been removed. Two-year fix at 1.29% with 75% LTV and £1499 product fee only available now.
They get commission from the lender so be wary that they aren't pushing a deal that benefits them more than you. L&C advised my wife (then girlfriend) to take a crappy Northern rock 5yr fixed rate of 4% in 2011 (right when interest rates were at an historic all time low) We tried them again two years ago when we were remortgaging just to cover as many bases as possible and I was able to find better deals than they came back with. Including simply remortgaging with our current provider.
Are these rates visible anywhere? I went through the app process to get an AIP but it still hasn't shown me the available rates anywhere, don't really want to do the full app with hard credit search without seeing the rate.
Why is everyone worrying about Brexit? Scaremongering. Once we get rid of those pesky foreigners and those remoaners either get behind Brexit or move to their beloved EU then we'll be great once again.... We'll be so rich we won't even need to borrow money for a mortage</sarcasm> Seriously though, with Brexit hanging over us, I am very concerned about the housing market and the cost of borrowing going forward.
I'm going for the 10 year 2.49% HSBC mortgage. Unsure about whether rates will stay low for a long time due to Brexit but figured that I don't mind paying £1100 a month instead of £1000 a month to have certainty for a decade.
I'm still waiting too, they verified all but 2 things, within couple of days.
I applied for the Santander 1.74% deal also. Waiting on them to process. How long do they usually take to move their b*tt?
Yep my five year fix is lower than my lifetime tracker I’ve had 8 years, I’ve noticed hsbc have pulled all lifetime trackers, so it’s no wonder it was so simple to take the fix.. a fix unless you get lucky will always be cheaper long term
Cant see rates dropping, i think uk follows what happens in usa and their rates are heading up, though not sure what if any brexit impact will be.
Just gone for this - was on 1.79% tracker with HSBC, but it has a shoulder (so can't drop much further) and I was able to switch online in 5 minutes to this 1.74% deal. Thanks!
Hsbc are also offering 2.49 % for 10 year fix and no fees
Oooh - unlimited overpayments. That may seal it for me - will give them a bell.
yes, the bail out was because the repackaged debts were backed by sub-prime mortgages but were sold deceptively under A+ credit ratings to other bansk and institutions. Insurers could cope with all the defaulting loans up to a limit, that's when the ultimate rescuer i.e. the tax payer enters the picture to bail out. Banks and whoever matters in financial markets knew what was happening and what was coming but the whistle blowers are more than often labelled as 'project fear' or conspiracy theorists. Unfortunately, financial system is too complex to understand for majority and when this majority doesnt understand it, they think probably no one does.
Rolling the fee into the monthly payments means you pay interest on it so it will cost you more overall. However it may suit some people who don't have the cash up front.
There may be a difference in rates between those the banks offer direct and through broker/intermediary channels. I'd always advise going to a broker but mortgage comparison sites are definitely worth a look to see what's out there. Also the rate/fee combo makes it tricky to declare a best buy or hot deal - if you have a big mortgage the rate is more important and the fee less so, if your mortgage is smaller the fee may play a bigger part. The key is doing the sums based on your individual figures/mortgage amount. Hope this helps.
Please make it clear they operate a discriminatory policy of only considering UK citizens for their mortgage applications regardless of the individual's financial health, responsibility or creditworthiness. No deal is better than a bad deal.
Excellent deal if you only have a 10% deposit. Although since UK rates are historically low I would recommending a fix with a larger deposit, maybe 20%, fixing for a much longer period - 5 or 10 years. Depends on your individual circumstances though I guess.
Can I make overpayments? Yes, you can make overpayments of up to 10% of your mortgage balance in each year of the fixed rate period, without incurring an early repayment charge. If you exceed your annual overpayment allowance, an early repayment charge will be charged on the amount you have repaid above the 10% allowance. At the end of the fixed rate period, you are able to make unlimited overpayments. Any early repayment charge applicable will be calculated based upon the percentage charge at the time of the overpayment as detailed within your European Standardised Information Sheet (ESIS) document. Can I pay off the mortgage early? If you fully repay your mortgage whilst you are in the fixed rate period you will incur an early repayment charge. Details of the early repayment charge will be set out in your ESIS document. Will I incur an exit fee? No, we do not charge an exit fee.
2.48% is for their 86% to 90% LTV. For the 91% to 95%, the rate is 3.85%. On a 150k mortgage, it would cost you around £5,200 more interest than the M&S deal over the two years. It works out better for the 86% to 90% range.
Danske do a 95% LTV and give you up to £1500 back in cash if you take 150k mortgage at 3.85%. No fees.
Just an update can't even see my mortgage account for two months and hours wait on the phone. Gave up in the end. Can't wait to leave and glad I didn't extend. Anyone managed to leave? Why should I pay these charlatens? If I can leave penalty free then I would as far as I am concerned they are in breach of their terms. They would penalise you heavly for it but they can get away with poor service and pay nothing. Any one managed to leave penalty free or had their fees reduced?
Some investors are talking about 3 to 5 more of these "market correction" selloffs. When interest rates rise to 3 or 4 percent, markets will crash. All of this before 2020. Then, the recession... Peter Schiff explains: https://www.youtube.com/watch?v=ZAEUTVV_voo&t=3s
Its all i wanted was to extend my fix you think they'd want the money bit someone was saying about funding. The funny thing is they would not be lending anymore money. They still want to charge the fees. So in two years i will not be using tsb for my next mortgage deal! Tey're loss
Today's stock market crash is a symptom of the toxic derivative markets at play behind the scenes. Usually, if you're seeing the stock market plunging like this, you see the bond markets rising as the money flies to safety. It hasn't gone into spot precious metals, bitcoin, or anything else. This is not normal. Is this the start of the loss of centralized control? Who knows. Please be very, very careful if you are thinking about a mortgage.
It won't be good for the young ones if their parents don't prepare them.
Lots of people think brexit will be a trigger, but there will be no brexit, sadly. So, yes, if only you can buy it now, don't hesitate. Although I hope you are right, that would help me to get one as well.
Supply and demand sunshine you really think supply will overtake demand in the next year or two your dreaming
Not that long... 1-2 years max
Be waiting a while then
Thank you. Really helpful. Need to get on the property ladder waiting for market to crash.
Went for a 5year fix at 1.99% for a 10 year with an LTV of 26% no fees with First Direct what a slog , been many months only handed the signed mortgage and deeds to solicitor on Wednesday. Can't imagine what it would be like with going for a 100%!
Stricter lending criteria today I believe
less than 10 years to forget our lessons. looking forward to the impending pop & crash.....
You can get 100% mortgages now again
You can't change it unless you want to pay some fees (1-2% of the mortgage in the last year). If you remortgage then the new mortgage provider will pay off your current mortgage when the fixed therm will finish. You can sort it out normally within 3 months before the end of your fixed period as most banks gives 3 moths validity for thier remortgages offers but you can find some places where that offer is valid for 6 months so you could start dealing with it 6 months before your fixed runs out.
Not voted either way, but whether you would save with this low rate 2 year deal with £999 fee would depend on the amount borrowing. Just checked on HSBC and they are still doing their 5 year fixed fee saver for 60% LTV at 1.99%. On £150k mortgage OP's deal would save you £201 over the first two years taking the fee into account. But if only borrowing £90k you would pay back £279 more on OP's deal compared to HSBC, plus with 5 year fixed you would still have a fairly low rate locked in for another 3 years, assuming interest rates start to creep up over the next 2 years.
Agreed IF there are other mortgage deals available at same interest rate with no fees....not sure if is or not haven't looked, but I thought from recollection there were 2 year deals at 0.98% if you had 50%+ equity. If no fee deals are at a higher interest rate then this may actually be the cheaper option.
I’d expect a mortgage with no fee if I had a 50% deposit! £999 fee on a 2 year fixed mortgage is adding another £41 pm into your repayments! I got a 2.0%apr rate on a 5 year deal with no fee,Granted I had 35%LTV mortgage but still £999 is a ridiculous fee on a 2 year deal.
Taking a 2 year mortgage right now will leave you walking straight into an interest rate minefield in 2 years - 5 years is the sweet spot, build up plenty of equity to offset the further interest rate hikes .... they're only going one way, up!!
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