Short Term Fixed Rate
The Halifax is offering a fixed rate deal until the 31st March 2008 at a rate of 4.49%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. 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 £300 and an arrangement fee of £399 that can be added to the loan.
Long Term Fixed Rate
Accord Mortgages is offering a fixed rate deal until the 31st December 2010 at 4.68%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. The overall cost for comparison is 6.0% 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 £260 and an arrangement fee of £495 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 3.55%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.3%.
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 a valuation fee of £225 and no arrangement fee.
Long Term Discount
The Abbey is offering a five year discounted scheme, at a current rate of 4.79%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. 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 a valuation fee of £260, plus an arrangement fee of £499 that can be added to the loan.
Cashback
The Northern Rock is offering a 10% cashback variable rate deal until the 1st January 2013 at a rate of 6.59%. The overall cost for comparison is 6.7% APR. There is a requirement to repay the cashback on early repayment of the loan within ten years of the start date. There is a valuation fee of £335 and an upfront arrangement fee of £75, plus £695 which can be added to the
loan.
Buy to Let
BM Solutions is offering a tracker buy to let deal for the whole mortgage term, at the base rate plus 0.39%, reverting to their standard variable rate, currently 4.89%, at the end of the period. The overall cost for comparison is 5.2% 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 deal until the 31st March 2008 at a rate of 4.49% then reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. 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 discount period.
This mortgage offers a free valuation, free legal work but an
arrangement fee of £499, which can be added to the loan.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Tracker
The best tracker this week is from the Alliance & Leicester, with a two year deal at variable base rate minus 0.11%. This equates to 4.39%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.25%. The overall cost for comparison is 5.3%.
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 £280 and an arrangement fee of £495, 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.
