Short-term fixed rate
The Halifax is offering a fixed rate deal until 31 December 2008, at a rate of 4.79 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.75 per cent. The overall cost for comparison is 6.7 per cent APR. An early repayment charge (ERC) 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 £499 that can be added to the loan.
Long-term fixed rate
The Alliance & Leicester is offering a fixed rate deal until 31 October 2011, at a rate of 5.09 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.84 per cent. The overall cost for comparison is 6.4 per cent APR. An ERC is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £280 and an arrangement fee of £599 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 per cent, equating to 4.10 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.74 per cent. The overall cost for comparison is 6.6 per cent APR. An ERC 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
The Northern Rock is offering a long term tracker scheme at Bank of England base rate plus 0.14 per cent until 1 November 2011, equivalent to a current rate of 4.89 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.84 per cent. The overall cost for comparison is 6.3 per cent APR. There is an early redemption penalty upon full repayment of this loan up to the end of the tracker period. Part repayments are penalty free.
There is valuation fee of £455 and an arrangement fee of £795 that can be added to the loan.
Cashback
The Chelsea Building Society is offering a mortgage at 6.59 per cent until 1 January 2012, with a 6 per cent cashback on completion. The overall cost for comparison is 7.0 per cent APR. There is a requirement to repay the cashback on early repayment of the loan within the fixed rate period. There is a free valuation and free legal work, but an arrangement fee of £595 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 0.16 per cent, equating to 4.59 per cent, reverting to their standard variable rate, currently 6.7 per cent, at the end of the period. The overall cost for comparison is 6.7 per cent APR. An ERC 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 £795 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 Bank of Scotland is offering a tracker at the Bank of England base rate minus 0.16 per cent, equating to a current rate of 4.59 per cent, until 31 October 2009, reverting to the standard variable rate of 6.9 per cent for the remaining term of the mortgage. The overall cost for comparison is 6.7 per cent APR. An ERC 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.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Lifetime Tracker
The Northern Rock is offering a lifetime tracker deal at the Bank of England base rate plus 0.24 per cent for the full term of the loan, currently equating to 4.99 per cent. The overall cost for comparison is 5.3 per cent. There is no ERC on this loan, but there is a valuation fee of £455 and an arrangement fee of £795, which can be added to the mortgage.
100 per cent mortgage
The Norwich & Peterborough is also offering a three year discounted deal at 1.1 per cent off its standard variable rate, equating to 5.64 per cent. This reverts to the standard variable rate for the remaining term of the mortgage, currently 6.74 per cent. The overall cost for comparison is 6.6 per cent APR. An ERC is payable if you repay all or part of this mortgage during the discount period. There is a valuation fee of £220, but no arrangement fee.
Capped rate mortgage
The Skipton Building Society is offering a tracker mortgage at a current rate of 5.00 per cent, capped for three years to a rate of 5.5 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.89 per cent. The overall cost for comparison is 5.9 per cent APR. An ERC 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 £449 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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
In certain circumstances Mortgage Talk may charge a fee for arranging your mortgage.
