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Thread: Mortgage - Which & Where?

  1. #1
    Full Member Vaux-Man-G's Avatar
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    Default Mortgage - Which & Where?

    Hey folks,

    Im actively looking for a house at the moment, and am struggling with where to go for mortgages.

    I havent found a house yet, but I want to be in a position that IF I find one, I already have a offer in place, of course this will all be subject to the property, etc etc blah blah blah.

    So here are the stats:
    - Cost of House: approx between £145 - 160k;
    - Deposit: 10-20%, subject to cost of house;
    - 25 Year - Repayment.

    Where should I look and what would you recommend? Fixed, Tracker, etc?

    Thank you.


    Bye bye Vec B
    - Hello Siggy!

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    Regular Member jlock's Avatar
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    I hear the loan sharks are getting some good reviews at the moment

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    Full Member Leemarksmith's Avatar
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    I know HSBC have some kind of mortgage sale on at the moment, but god knows what it is... and it could be like when Harrods have a sale lol...

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    Difficult at the moment, my fixed rate recently ended and I let it run over into basically a tracker morgage, so im paying 2.5% at the moment... Down from 5.6%.

    I had a guy come round to try selling me a new deal and from what info he had, the lenders are being real swines at the moment.
    If you try to fix at a low rate (lowest was 3.5%) you'll have a setup fee of over £1000.
    If you go for a tracker or higher rate, the setup fee can come down to £450.

    You have to look at these fee's and decide whether your going to actually save by having lower interest or by having lower setup fee's.
    Bare in mind that the housing market is starting to pick up now, the Bank of England base rate is currently 0.5%, this is the lowest it's ever been, but it can't stay this low forever.
    The lenders obviously put their own cut on top of that, hence my current 2.5%.

    Im planning for the base rate to rise above 2% within the next 12 months, as soon as it hit's 1.5% i'll be looking to change deals.

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    Regular Member Adam-morrison's Avatar
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    Based on the current financial climate you'd be best looking at a short term tracker, something tracking base rate for 2 years or so. With the Bank of England Base Rate being 0.50% at the moment and no movement on this in almost a year you'd be best to run with this.

    Although there are some good fixed rates available, the best fixed rates are available for about 60% LTV (Loan to Value).

    With a deposit of 20% (£128,000 loan based on a purchase price of £160,000), you'd be looking at a fixed rate of 4.34% (monthly payment of £699) for 2 years with Darlington Building Society. This is the lowest fixed rate for 80% LTV on the market.

    If you went for a tracker mortgage, on the same figures, you'd have a rate of 2.99% (BBR+2.49%) (monthly payment of £606) for 2 years with Natwest.

    Hope this helps!

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    Regular Member Ste's Avatar
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    http://www.lovemoney.com/mortgages/
    Would be a good place to look to honest, impartial information.

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