Short Term Fixed Rate
The Alliance & Leicester is offering a fixed rate deal until the 31st October 2007 at a rate of 4.24 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 5.2 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 £395 that can be added to the loan.
Long Term Fixed Rate
The Alliance & Leicester is offering a fixed rate deal until the 31st October 2010 at 4.49 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 5.1 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 £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 3.8 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.55 per cent. The overall cost for comparison is 6.2 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 £285 and no arrangement fee.
Long Term Discount
The Nottingham Building Society is offering a five year discounted scheme, at a current rate of 4.87 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.64 per cent. The overall cost for comparison is APR 6.2 per cent. An Early Repayment Charge is payable if you repay all or part of this mortgage within 5 years.
There is no valuation fee but there is an upfront arrangement fee of £450.
Cashback
The Scarborough Building Society is offering an 11per cent cashback fixed rate deal, until the 30th October 2015 at a rate of 6.99 per cent, reverting to the Society’s standard variable rate of 5.49 per cent. The overall cost for comparison is 6.6 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 £285 and an arrangement fee of £395, 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 per cent, reverting to their standard variable rate, currently 6.25 per cent, at the end of the period. The overall cost for comparison is 6.1per 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 £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 30th September 2007 at a rate of 4.29 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 6.2 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 £599.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Tracker
The week’s best tracker is from the Abbey, with a two year deal at variable base rate minus 0.16 per cent. This equates to 4.34 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.75 per cent. The overall cost for comparison is 6.5 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 £260 and an arrangement fee of £499, which can be added to the mortgage.
