Short-term fixed rate
Northern Rock is offering a year fixed rate deal until 1 August 2008, at a rate of 4.79 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.59 per cent. The overall cost for comparison is 6.5 per cent APR. An early repayment charge (ERC) is payable if you repay all or part of this mortgage during the fixed rate period. There is a valuation fee of £455 and an arrangement fee of £695 that can be added to the loan.
Long-term fixed rate
Northern Rock is also offering a fixed rate deal until 1 August 2011, at a rate of 5.19 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.59 per cent. The overall cost for comparison is 6.4 per cent APR. An ERC is payable if you repay all or part of this mortgage during the fixed rate period. There is a valuation fee of £455 and an arrangement fee of £695 that can be added to the loan. There is also a cashback of £750 available.
Short-term discount or tracker
BM Solutions is offering a two-year tracker scheme at the Bank of England base rate minus 0.25 per cent, equating to 4.25 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.49 per cent. The overall cost for comparison is 6.4 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 £500 that can be added to the loan.
Long-term discount or tracker
Northern Rock is offering a tracker scheme until 1 August 2011 at the Bank of England base rate plus 0.19 per cent, equivalent to a current rate of 4.69 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.59 per cent. The overall cost for comparison is 6 per cent APR. An ERC is payable if you repay all or part of this mortgage within the discount period.
There is a free valuation, but an arrangement fee of £695 that can be added to the loan.
Cashback
The Abbey is offering a 5 per cent cashback variable rate deal at a rate of 6.5 per cent.
The overall cost for comparison is 6.8 per cent APR. There is a requirement to repay the cashback on early repayment of the loan within five years of the start date. There is a free valuation and no arrangement fee.
Buy-to-let
BM Solutions is offering a two-year tracker buy to let deal at the Bank of England base rate plus 0.59 per cent, equating to 5.09 per cent, reverting to their standard variable rate, currently 6.45 per cent, at the end of the period. 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 first two years of the loan.
There is a valuation fee of £350, while the arrangement fee of £1500 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 Ireland is offering a 1.8 per cent discount from its standard variable rate of 6.59 per cent, equating to a current rate of 4.79 per cent, until 31 July 2008, reverting to the standard variable rate for the remaining term of the mortgage. The overall cost for comparison is 6.5 per cent APR. An ERC is payable if you repay all or part of this mortgage during the discount 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 Norwich & Peterborough is offering a lifetime tracker deal at the Bank of England base rate plus 0.35 per cent for the full term of the loan, currently equating to 4.85 per cent. The overall cost for comparison is 5.1 per cent. There is no ERC on this loan, but there is a valuation fee of £220 and an arrangement fee of £599, which can be added to the mortgage.
100 per cent mortgage
Standard Life Bank is offering a two-year discounted deal at 0.85 per cent off its standard variable rate, equating to 5.1 per cent. This reverts to the standard variable rate for the remaining term of the mortgage, currently 5.95 per cent. The overall cost for comparison is 6 per cent APR. An ERC is payable if you repay all or part of this mortgage during the tracker period. There is a valuation fee of £275, and an arrangement fee of £299 that can be added to the loan.
Capped rate mortgage
The Skipton Building Society is offering a tracker mortgage, capped for three years, at a current rate of 4.75 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. A typical fee could be up to £299.
