Short Term Fixed Rate
The Halifax is offering a fixed rate deal until the 30th April 2008 at a rate of 4.45 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5 per cent. The overall cost for comparison is 6.40 per cent 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 £300 and an arrangement fee of £699 that can be added to the loan.
Long-Term Fixed Rate
The Alliance & Leicester is offering a long term fixed rate deal until the 30th April 2011, at a rate of 4.84 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.49 per cent. The overall cost for comparison is 5.5 per cent 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 £280 and an arrangement fee of £499 that can be added to the loan.
Short Term Discount
The Norwich & Peterborough is offering a variable rate two year discounted scheme at a current interest rate of 3.3 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.3 per cent. The overall cost for comparison is 5.9 per cent APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within 5 years. There is a valuation fee of £220 and no arrangement fee.
Long Term Discount
The Alliance & Leicester is offering a five year discounted scheme, at a current 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 6.1 per cent APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within 5 years. There is a valuation fee of £280, and an arrangement fee of £499 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 fixed rate buy to let deal until the 1st March 2009, at 4.89per cent, reverting to its standard variable rate, currently 6.45 per cent, at the end of the period. The overall cost for comparison is 6.4 per cent APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the first three 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 Halifax is offering a fixed rate
4.45 per cent deal until the 30th April 2008, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5per cent. The overall cost for comparison is 6.4 per cent 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 £699, which can be added to the loan.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Tracker
BM Solutions is offering a two year deal at the Bank of England base rate minus 0.25 per cent. This equates 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. An Early Repayment Charge is payable if you repay all or part of this mortgage within the first 24 months. There is a valuation fee of £250 and an arrangement fee of £599, which can be added to the mortgage.
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.
