Short Term Fixed Rate
The Alliance & Leicester is offering a fixed rate deal until the 31st December 2007 at a rate of 4.19%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.25%. 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 fixed rate period. There is a valuation fee of £280 and an arrangement fee of £395 that can be added to the loan.
Long Term Fixed Rate
The Alliance & Leicester is offering a fixed rate deal until the 31st December 2010 at 4.44%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.25%. The overall cost for comparison is 5.1% 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 £395 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 October 2012 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
Mortgage Express is offering a fixed rate buy to let mortgage until the 30th September 2008, at a rate of 4.74%, reverting to their standard variable rate, currently 6.25%, at the end of the period. The overall cost for comparison is 6.1% 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 £315, 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 January 2008 at a rate of 4.29% then reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. The overall cost for comparison is 6.2% 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 £599, 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.
