Short-Term Fixed Rate
Halifax is offering a fixed rate deal until 30 June 2009, at a rate of 5.19%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.25%. The overall cost for comparison is 7.3% 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 £300 and an arrangement fee of £999 that can be added to the loan.
Long-Term Fixed Rate
Nationwide is offering a five-year fixed rate deal, at a rate of 5.34%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.74%. The overall cost for comparison is 6.5% 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 £295 and an arrangement fee of £499 that can be added to the loan.
Short-Term Discount or Tracker
BM Solutions is offering a two-year tracker scheme at the Bank of England Base Rate minus 0.65%, equating to 4.6%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.24%. The overall cost for comparison is 7.2% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within two years. There is a valuation fee of £350 and an arrangement fee of £1000 that can be added to the loan.
Long-Term Discount or Tracker
Alliance & Leicester is offering a five-year discounted scheme at 2.26% off its standard rate, equivalent to a current rate of 5.13%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.39%. The overall cost for comparison is 6.7% 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 £280 and an arrangement fee of £599 that can be added to the loan.
Cashback
Chelsea Building Society is offering a mortgage fixed at 6.84% until 1 June 2012, with a 6% cashback on completion. The overall cost for comparison is 7.4% APR. There is a requirement to repay the cashback on early repayment of the loan within the fixed rate period. There is free valuation and legal work, but an arrangement fee of £845 that can be added to the loan.
Buy-to-let
BM Solutions is offering a two-year tracker buy-to-let deal at the Bank of England Base Rate minus 0.26%, equating to 4.99%, reverting to their standard variable rate, currently 7.25%, at the end of the period. The overall cost for comparison is 7.1% 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 £350, while the arrangement fee of £799 can be added to the loan.
Remortgage
For those looking to remortgage, the Bank of Scotland is offering a tracker deal at the Bank of England Base Rate plus 0.24% for two years, equating to a current rate of 5.49%, reverting to the standard variable rate of 7.25% for the remaining term of the mortgage. The overall cost for comparison is 7.10% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the fixed rate period. This mortgage offers a free valuation, free legal work and no arrangement fee.
Lifetime Tracker
Norwich & Peterborough Building Society is offering a lifetime tracker deal at the Bank of England Base Rate plus 0.24% for the full term of the loan, currently equating to 5.49%. The overall cost for comparison is 5.7%. There is no Early Repayment Charge on this loan, but there is a valuation fee of £220 and an arrangement fee of £499, which can be added to the mortgage.
100% Mortgage
Mortgage Express is offering a two-year tracker deal at the Bank of England Base Rate plus 0.64%, equating to a current rate of 5.89% deal, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.25%. 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 discount period. There is no valuation fee, but an arrangement fee of £699.
Capped Rate Mortgage
Skipton Building Society is offering a tracker mortgage at a current rate of 5.55%, capped for three years at a maximum rate of 5.99%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.64%. The overall cost for comparison is 6.6% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the capped rate period. There is a valuation fee of £220, and an arrangement fee of £599 that 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.
