Mortgage Round Up 10
Mortgage Round Up
Welcome to our regular update on Mortgages.
Mortgages and Mortgage deals are constantly changing and so should you be interested in a obtaining a mortgage (be it for a First Time Buyer, Mover or re-mortgage), getting the right deal is vital. This has been marked over the last few weeks with fixed rates becoming very competitive but since the start of March, some Fixed Rate deals have been pulled and replaced by slightly higher rate versions of them.
Therefore, at Box Financial Planning, we are here to help ensure you get the right mortgage for you.
This week, we are looking at several mortgages, which are available to those borrowers wishing to re-mortgage.
The following information should not be taken as a recommendation and all mortgages are subject to status. All schemes are based on a Property Value of £280,000 and a loan to value as indicated and highlight some of the better deals currently available!
| Type | Initial Interest Rate | Fixed/Discount Period | Loan To Value | Arrangement/Booking Fee | Final Interest Rate |
|
Discount |
1.69% | 2 yrs | 80% | £998 | 5.95% |
| Fixed | 1.89% | 2 yrs | 80% | £345 | 5.79% |
| Fixed | 2.09% | 2 yrs | 80% | £499 | 3.99% |
| Discount | 2.45% | 2 yrs | 90% | £999 | 5.64% |
| Fixed | 3.14% | 2 yrs | 90% | £845 | 5.79% |
| Fixed | 3.38% | 2 yrs | 90% | £995 | 4.00% |
| Tracker | 1.94% | 2 yrs | 80% | £999 | 3.99% |
| Fixed | 2.74% | 5 yrs | 80% | £1,845 | 5.79% |
| Fixed | 2.89% | 3 yrs | 80% | £1,499 | 3.99% |
| Fied | 3.59% | 5 yrs | 90% | £495 | 5.19% |
| Fixed | 3.39% | 3 yrs | 90% | £495 | 5.19% |
Details correct as at 09/03/15
Some of the above schemes include additional features such as ‘Cash Back’ on completion or free valuations – and the top two deals highlight the ‘lowest’ headline rate may not be the best value one.
In addition to the Arrangement/Booking Fees, there will be other costs such a Legal and Valuation costs as well as any agreed advice fees (our normal fee is 0.35% of the Mortgage Value although we do have some special deals on at the moment which may reduce this and some lenders may pay a procuration fee, which will cover some or all of this fee) which will therefore also need to be paid.
As a reminder, the initial rate is not necessarily the most important rate and therefore all three aspects (Setting up Costs, Interest Rate and Final Rate) and your personal situation needs to be taken into account, to ensure you end up with the most appropriate mortgage.
Our initial meeting/discussions are without charge or obligation, so please contact us should you wish to avail yourself of our whole of market, mortgage review service.
Next time, we will be looking at first time borrowers wishing to buy their fist home.
Interest rates can rise as well as fall and the post Discount/Fixed Periods may be higher or lower than stated.
Your home may be repossessed if you do not keep up repayments on your mortgage.