Short Term Fixed Rate: The Abbey is offering a fixed rate deal until the 2nd May 2010, at a rate of 5.62%, reverting to its standard variable rate for the remaining term of the mortgage, currently 7.59%. The overall cost for comparison is 7.6% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £260 and an arrangement fee of £999.
Long Term Fixed Rate: The RBS is offering a fixed rate until the 30th April 2013, at a rate of 5.54%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.69%. The overall cost for comparison is 7.1% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £200 and an arrangement fee of £599 that can be added to the loan.
Short Term Discount or Tracker: The Halifax is offering a two year tracker scheme at the Bank of England base rate plus 0.19%, equating to 5.44%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.5%. The overall cost for comparison is 7.5% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within the incentive period. There is a valuation fee of £315 and an arrangement fee of £999 that can be added to the loan.
Long Term Discount or Tracker: The Norwich & Peterborough is offering a five year discounted scheme at 1.55% off its standard rate, equivalent to a current rate of 5.94%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49%. The overall cost for comparison is 7.1% APR. There is an early redemption penalty upon repayment of this loan up to the end of the discount period. There is valuation fee of £220 but no arrangement fee.
Cashback: The Abbey is offering a five year tracker mortgage at the Bank of England base rate plus 2.09%, currently 7.39%, with a 5% cashback on completion. The overall cost for comparison is 7.8% APR. There is a requirement to repay the cashback on early repayment of the loan within the incentive period. There is a free valuation and no arrangement fee.
Buy to Let: BM Solutions is offering a fixed rate deal until the 1st June 2011 at a rate of 4.99%, reverting to its standard variable rate, currently 7.25%, at the end of the period. The overall cost for comparison is 7.3% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the first two years of the loan. There is a valuation fee of £390, while the arrangement fee of £2250 can be added to the loan.
There is no guarantee that it will be possible to arrange continuous letting of the property nor that the rental income will be sufficient to meet the cost of the mortgage.
Remortgage: For those looking to remortgage, the Nationwide is offering a lifetime tracker at the Bank of England base rate plus 0.68%, currently equating to 5.93%. The overall cost for comparison is 6.1% APR. This mortgage offers a free valuation, free legal work and no arrangement fee.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Lifetime Tracker: The Abbey is offering a lifetime tracker deal at the Bank of England base rate plus 0.59% for the full term of the loan, currently equating to 5.84%. The overall cost for comparison is 6.2%. There is no Early Repayment Charge on this loan, but there is a valuation fee of £260 and an arrangement fee of £999, which can be added to the mortgage.
100% Mortgage: The Bristol & West is offering a fixed rate deal until the 28th February 2011, at a rate of 6.09%, reverting to the standard variable rate at the end of the term of the mortgage, currently 7.59%. The overall cost for comparison is 7.6% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the discount period. There is no valuation fee, but an arrangement fee of £499 that can be added to the mortgage.
Capped Rate Mortgage: BM Solutions is offering a tracker mortgage capped until the 1st June 2011 at a current rate of 5.64% and a maximum rate of 5.89%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.69%. The overall cost for comparison is 7.8% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the capped rate period. There is a £365 valuation fee, plus an arrangement fee of £1250 which can be added to the loan.
Figures based on £150,000 purchase price or value and £100,000 repayment mortgage over 25 years. All figures are subject to revision, but current at time of going to press.
Filed under: Mortgage News | Tagged: mortgage deals, mortgage rates
