Short Term Fixed Rate
The Alliance & Leicester is offering a fixed rate deal until the 31st March 2008 at a rate of 4.39%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.49%. The overall cost for comparison is 5.6% 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 £280 and an arrangement fee of £499 that can be added to the loan.
Long Term Fixed Rate
The Norwich & Peterborough is offering a five year fixed rate deal at 4.68%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.3%. 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 fixed rate period. There is a valuation fee of £220 and an arrangement fee of £385 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%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.3%. The overall cost for comparison is 5.9% 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 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 5 years.
There is no valuation fee, but an arrangement fee of £450 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 also offering a fixed rate buy to let deal until the 1st March 2008, at 4.89%, reverting to their standard variable rate, currently 6.45%, at the end of the period. 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 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% deal until the 30th April 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 £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 variable base rate minus 0.25%. This equates to 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%. 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 £350 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.
