Right, its time to negotiate a new mortgage deal…

mike_p – Member
Best I’ve seen is Nationwide, offering 2.49% fixed for 4yrs, or BR + 1.29 for 3yrs. Both zero fee.

I had a look at those – they were for new mortgage applicants only.

However, they do offer a re-mortgage at 2.29% for 4 years, £999 fee but free legals, up to 10% pa overpayment. I’m going to apply for that today.

http://www.bbc.com/news/business-30020565

But he added that inflation was expected to recover in the long term, and that the Bank would continue to keep its interest rate at 0.5% for some time.

Well, we’ve ended at our best offer we can find, fee free fixed at five years at 2.84%, portable, overpayments allowed but no payment holidays.

I guess thats OK?

The goverment can’t increase base rates by big steps until the borrowing is under control.

Borrowing 7 billion a month and owing a trillion is possible at current interest rates*. At 10% we’d be handing back the keys and hoping Africa will take us as refugees

*That’s what I remember as the numbers but I may have made them up

fee free fixed at five years at 2.84%

Where was that?

2.84% for 5 years is amazing. I’d be very happy with that. I was a 1st time buyer a year and a half ago and got 3.39% for 5 years and was very happy. But I’m one of those who budgets in advance so needs to know what his monthly payments will be in the short and medium term.

As you say, rates aren’t likely to go down. So the only way is up. How fast, nobody knows. We’ll see in 5 years whether it was a good move to fix or not.

tillydog – nationwide. You can get 4 years at 2.49 if you commit to there current account as well.

^Cheers.

I currently have an option either for a 1.77 fixed for 2 years or 2.8 fixed for 5 year with Santander. Amazingly that’s for a part capital (25%) part interest only (75%)

Tempted to go 5 year fixed. Ltv is 25%

75% interest only? I hope you have an adequate savings plan…

Yes I do.

anyone into offset mortgages?

I quite like the idea of the flexibility – we often have cash from business sat waiting for a tax bill and could use that to offset our mortgage interest.

fee free fixed at five years at 2.84%

I can see that deal with Nationwide on Google but it has a £999 fee. We have less than 40% LTV. How do you get it fee free? ta

I just remortgaged onto that nationwide 4y deal so its not new customer only. Had to move my banking to them to get it.

I can see that deal with Nationwide on Google but it has a £999 fee. We have less than 40% LTV. How do you get it fee free? ta

You can’t – it goes up to 2.99% However, I have the cash, so I’m adding it to secure the lower interest rate for five years, then in month one making an immediate £999 overpayment. That way I get 5 years lower interest rate on the remainder.

I just remortgaged onto that nationwide 4y deal so its not new customer only. Had to move my banking to them to get it.

S’right. In my case the frontline staff said no, but once through to a mortgage advisor it was fine to open an account on the spot. Doing the maths though, it works out cheaper for me to get 5 years at 2.84 than 4 at 2.49 plus one at their current standard rate (3.99%). This factors in that I get cashback on my credits into my current banks bank account.

Glad you got a decent deal, I’m looking forward to my next one (Jun 2016 I think) being at a lower LTV rate as I’m working to overpay at the moment. Roll on getting it paid off early, still have 20 or so years to go 🙁

That was my plan, to overpay in the recent 3 years and get to a good LTV for now.

Anyway now I can think about decorating the rest of the house with spare cash rather than not 😀

kryton, why did you go for 5 year fixed at 2.84% rather than 4 years at 2.39%?

I’m just about to exchange with a 2.85% 5 year fixed with chelsea, but switching to NW’s 4 year would save me a good slug over the first 4 years.

Edit – jsut read the rest of yours – never mind!

kryton, why did you go for 5 year fixed at 2.84% rather than 4 years at 2.39%?

Its a bit complex – the 4 year would save me exactly £698 over the 5 year term taking the fee into account, and the current variable (which may be higher in 4 years remember, so that figure may reduce). But keeping todays current account will make me £250 per year or £1250 cashback over that period – which I’d have to forfeit to move to the NW 4 year deal.

You get £250 a year cashback from your current account? Very nice.

Or is that conditional on having the mortage and current account with the same people?

No, its one of these but an older one whereby also get 1% for every £1of salary payment over £500.

http://www.lcplc.co.uk/
I find very few financial advisers to recommend in my job but London and Country mortgages were excellent about 6 years ago, talking through the options, arranging everything.

the nationwide 4 year fix is down to 2.29% now – very tempting

Chelsea’s 5 year fixed is down to 2.29% as well, now.

Higher fees, but 65% LTV rather than NW’s 60%

barclays are doing a 10 year fix for 2.99% which could be good for anyone not intending to move and who needs reasonably constant bills e.g. still has kids at home.

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