Short Term Fixed Rate
The Nationwide Building Society is offering a two year fixed rate deal at a rate of 4.65%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.89%. The overall cost for comparison is 6% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the fixed rate period. There is a valuation fee of £285 and an arrangement fee of £699 that can be added to the loan.
Long Term Fixed Rate
The Royal Bank of Scotland is offering a fixed rate deal until 30 June 2011, at a rate of 4.99%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.59%. The overall cost for comparison is 6.3% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the fixed rate period. There is a valuation fee of £255 and an arrangement fee of £399 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 0.25%, currently 4.25%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.49%. The overall cost for comparison is 6.4% 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 £500 that can be added to the loan.
Long Term Discount or Tracker
The Nottingham Building Society is offering a five year discounted scheme, at a current rate of 4.62%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.39%. The overall cost for comparison is 6% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within five years.
There is a free valuation, but an arrangement fee of £495 that can be added to the loan.
Cashback
The Abbey is offering a 5% cashback variable rate deal at a rate of 6.5%.
The overall cost for comparison is 6.8% 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 0.35%, currently 4.85%, reverting to their standard variable rate, currently 6.45%, at the end of the period. The overall cost for comparison is 6.5% 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 refundable valuation fee of £350, while the arrangement fee of £599 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 Halifax is offering a tracker deal of Bank of England base rate minus 0.11% until the 31st July 2008, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. The overall cost for comparison is 6.4% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the discount period. This mortgage offers a free valuation, free legal work but an arrangement fee of £499, which can be added to the loan.
Lifetime Tracker
The Norwich & Peterborough is offering a lifetime tracker deal at the Bank of England base rate plus 0.35% for the full term of the loan, currently equating to 4.85%. The overall cost for comparison is 5.1%. There is no Early Repayment Charge 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% Mortgage
Standard Life Bank is offering a two year discounted deal at 0.85% off its standard variable rate, equating to 5.1%. This reverts to the standard variable rate for the remaining term of the mortgage, currently 5.95%. The overall cost for comparison is 6% APR. An Early Repayment Charge 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%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.89%. The overall cost for comparison is 5.9% 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 £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.
