Mortgage Deals & Offers

If you can get £25k at an interest rate of 0.75%, it will help reduce your monthly payments, for sure. You can use the calculator at the top of this page, to calculate the reduction in your monthly payments.

Anyone progressing with this? We are planning a renovation of our property in the next few months. We have the funds available but I'm wondering whether it makes sense to take this loan at the max 25k and then just pay that back to our mortgage (taking into consideration the 10% overpayment limit). We are a couple of years into a 25 year mortgage at 1.94% (3 years left on the fix). Can't seem to figure out whether this is worthwhile and how much it could save us. Are there any good online calculators for this sort of thing? Thanks

It is.

Two excellent tools to use for comparison of mortgage deals. First use this one and see your best buys. moneysavingexpert.com/mortgages/best-buys/ Then ask any broker to best these if they can. Second tool is to compare your shortlisted deals, it compares only two deals, but mathematically most accurately. So use for final decision. moneysavingexpert.com/mortgages/compare-fixed-rate-mortgages/

Interesting

https://www.google.co.uk/amp/s/www.bbc.com/news/business-57070373.amp

Two excellent tools to use for comparison of mortgage deals. First use this one and see your best buys. moneysavingexpert.com/mortgages/best-buys/ Then ask any broker to best these if they can. Second tool is to compare your shortlisted deals, it compares only two deals, but mathematically most accurately. So use for final decision. moneysavingexpert.com/mortgages/compare-fixed-rate-mortgages/

The Halifax deal also posted on HUKD with the slightly higher rate (1.44% fee free) would probably work out marginally better than this once you factor in the product fee. However, i guess it all depends on your mortgage loan amount…

Sounds like I was lucky to have it over turned in that case! It was years ago

You only get the rate once you have the appointment though and that is what took so long. When arranging the appointment the man confirmed that they would honour the offer rate even though it was a good way until the appointment. However the mortgage advisor said he was incorrect and shouldn't have said that. I argued twice and put a complaint in but just got something back that referred to some small print, the difference want enough to pursue further. It irked me as it was their fault that it took a while, but the mortgage itself I've been happy with and was still a good saving over the last one.

Not found one that does it properly yet 1. Add the fees (or reduce the other if paying up front) That makes the starting cash position the same. 2. use the same payment to run the amortisation for the comparison period. That makes the cash flow the same See which has the lowest debt at the end. Single number comparison MSE you have to work it out and there is nothing to account for the difference in payments earning interest or reducing debt. Because the payment determines the outcome you need to use the planned payment not the one based on term. Very important if planning to overpay.

Link for best calculator spreadsheet please. Thanks

I know first tool (best buys) is not accurate as MSE first year cost is not important, it's total cost over initial fixed period. As principal amount in 2nd and further years is lower so lower interest rate wins in later years. Can you please share how the second tool is wrong . Thanks And what tool/website or formula you use ?

MSE is one of the sites that does the calculations wrong. Both those links do the calculations wrong.

Two excellent tools to use for comparison of mortgage deals. First use this one and see your best buys. moneysavingexpert.com/mortgages/best-buys/ Then ask any broker to best these if they can. Second tool is to compare your shortlisted deals, it compares only two deals, but mathematically most accurately. So use for final decision. moneysavingexpert.com/mortgages/compare-fixed-rate-mortgages/

Anyone know if the 1.06% 2 year fixed from Platform Co-Op is any good? £1499 arrangement fee - M2419

in case anyone is wondering about the FD 1.24% with the smaller fee here are the breakeven numbers for that https://www.hotukdeals.com/deals/2-year-fixed-60-ltv-repayment-mortgage-124-plus-ps490-bf-at-first-direct-3681474 term, mortgage size needed 05 £316,526.73 10 £283,024.91 15 £273,387.61 20 £268,817.82 25 £266,154.12 30 £264,412.09 IO £257,533.20 Need a pretty big mortgage for this deal to be better than the FD one.

I see the add the monthly payments and fees to compare are out in force again. to compare add the fees make the payments the same and see how much you have left at end of fix gets a much more accurate result. the break even depends on how big your payment is so the single calculation of monthly costs + fees gets it wrong. and if planing to overpay you need to use your planned payment For 1.14% £999 against 1.49% 0.39 difference over 2years here are the break evens for a few sample terms(shorter term bigger payment). term mortgage size needed 05 £177,208.28 10 £158,394.84 15 £152,982.08 20 £150,415.35 25 £148,919.19 30 £147,940.69 IO £144,415.19

Just % of people able to afford that but good for you to be able to afford it (pirate)

For anyone needing 75% ltv Halifax 2 year 1.31% £999 fee is the best I've found. If you see better do let me know Santander were similar and worth considering if you already bank with them or can open account due to their cashback scheme

Two excellent tools to use for comparison of mortgage deals. First use this one and see your best buys. moneysavingexpert.com/mortgages/best-buys/ Then ask any broker to best these if they can. Second tool is to compare your shortlisted deals, it compares only two deals, but mathematically most accurately. So use for final decision. moneysavingexpert.com/mortgages/compare-fixed-rate-mortgages/

All very good points. Just remember to add in the up side of renting is you can keep your capital invested. Depending on what it's invested in.... you could be better off renting.

Any 75% deals?

I love them too. App and banking is good (shares is more ropy, have to use website not app and the website is a bit weird, non-modern), quick to answer the phone and friendly staff and unlimited overpayments and no lock in after fixed periods end. The one I mentioned, I either missed it or it's reappeared. @ 60% ltv can get 5 year fixed @ 1.39% for a £490 fee or 1.64% with no fee (which for most people would work out more expensive I think). I'm making eyes at the 1.39%

Depends how long you're staying (and in my experience you always stay longer than you think because owning is so much more comfortable than renting). Think in these terms. If you're renting, you're paying about 7% of the value of the place each year (maybe more) to live there. You'll normally pay less on a mortgage, so work that into any potential loss. Even if prices fall by say 10% over 5 years, it'll still probably have been cheaper than renting and you'll have had the benefit of being in your own place and not having the hastle of moving, rent increases etc. Also don't forget you're no longer getting interest on the deposit as it's tied up too. Over 2 years you may end with negative equity etc and have been better off renting. Over 5 it's very likely buying is the right thing to do as you'll have gone through any price correction and likely be up both in property value and rent saved. Make sure you keep a contingency when you buy for anything unexpected, and it's best to keep saving a bit after you've bought so you've got money for repairs like a leaky roof/broken boiler that can cost quite a bit (that you don't think about when you're renting).

How did you get your first mortgage, go through the same process as you have to remortgage or you end up paying twice as much interest.

Hello all, quick question, my first 5 years mortgage is finishing June 2021, 200,000 house, 40,000 deposit, so borrowed 160,000. 760 per month repayments, unsure of % off top of my head. With Halifax. What happens now, what are my options? Can i change bank, with a lower interest rate and make the payments lower than 760? Massive thanks to any responses!

I’ve got a 40% deposit thanks so it does happen.

40000

It is doable for some people i could have done it but i decided the rent and save juzt to get out of my parents house Theres plenty of others like me