Short Term Fixed Rate
The Halifax is offering a fixed rate deal until the 31st March 2008 at a rate of 4.49 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 6.3 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 £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 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 6.0 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 £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 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 6 per cent APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within five 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 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 per cent APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within five 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 per cent cashback variable rate deal until the 1st January 2013 at a rate of 6.59 per cent. The overall cost for comparison is 6.7 per cent 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 per cent, reverting to their standard variable rate, currently 4.89 per cent, at the end of the period. The overall cost for comparison is 5.2 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 deal until the 31st March 2008 at a rate of 4.49 per cent then reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5 per cent. The overall cost for comparison is 6.3 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 £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 per cent. This equates to 4.39 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.25 per cent. The overall cost for comparison is 5.3 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 £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.
In certain circumstances Mortgage Talk may charge a fee for arranging your mortgage. A typical fee could be up to £299.
