Cheapest Fixed Rate Mortgages
I feel that there could be nothing better than the mortgage system of financing, especially for all those who are not in a position to buy and purchase the house on the spot by giving in the cash. And another great benefit that the mortgage system has is that they are tax deductible, similarly reducing our tax liability too.
But this is not so simple that it looks like, there are many things that needed to be planned out and worked out cautiously before you make in that big investment of yours.
Remember that this can even last for a decade, or even more or even less. And this surely is a very long time, but still with some guidance and suggestions you could make this a less strainful ride. So here are some few tips and guidelines that would surely ease out all that botheration and those worries that you may be nurturing.
First of all try and look out for some great deals out there, there are many banks and other institutions that may be waiting out there for you. And so you just have to look out and search what would be the best in your budget.
Remember that the more you search and navigate the better it’s for you; there are more chances of striking better deals. Having patience is also a great virtue and this would help a lot in this purpose, so if you don’t have patience then make sure you try practicing it.
One can even consult a real estate expert so as to make your search all the more lucrative, this person may charge some dollars but I feel that this would even make your search all the more selective and not confusing.
Moreover there are many other internet sties and web pages that can be investigated upon. Here are the rates of some few banks
Scenario: £180k mortgage, min 40% deposit & sourced by complete cost. Results ordered by type & pay rate
|
Lender |
Initial Rate |
Until |
Subsequent Rate |
Overall Cost for Comparison |
Max Loan To Value |
Proceed |
|
| John Charcol
0800 066 5802 |
4.99% | January 2011 | 7.24% | 7.2% APR | 75% | ||
| Our opinion: TRACKER - this is a large loan product which is only suitable for people looking for a mortgage of over £500,000. There is an arrangement fee of 2.5% of the loan amount which will be added to the mortgage, and no early repayment charges are payable. The lender offers flexible underwriting looking at each case on it’s merits, and there is a maximum loan amount of £5,000,000. | |||||||
| Nationwide BS
0871 855 0815 |
5.64% | 3 Years | 6.49% | 6.5% APR | 75% | ||
| Our opinion: TRACKER - a three year product with an arrangement fee of £599. The fee may be added to the mortgage, however you will be charged interest on it during the term of the loan. | |||||||
| Woolwich
0845 070 1721 |
5.69% | Term | 5.69% | 5.9% APR | 60% | ||
| Our opinion: TRACKER - a term product with a low rate and an arrangement fee of £995. There is a maximum loan amount of £500,000, however you will need a 40% deposit to secure this mortgage. Has featured in newspaper Best Buy tables. | |||||||
| HSBC Bank
0800 432 0492 |
5.79% | Term | 5.79% | 6% APR | 90% | ||
| Our opinion: TRACKER - has a good loan to value ratio, along with a reasonable booking fee of £599. Product also has the freedom to make unlimited overpayments without incurring a fee. Featured in the Sunday Telegraph (21-09-08) and Mail on Sunday (21-09-08) Best Buy tables. | |||||||
| Abbey
0800 032 4260 |
5.54% | December 2011 | 7.09% | 7% APR | 70% | ||
| Our opinion: FIXED - this product is available specifically for remortgages, and offers a competitive rate with an arrangement fee of £1,499. A 30% deposit will be required, and there is a maximum loan amount of £250,000. | |||||||
| Newcastle BS
0871 855 1730 |
5.6% | October 2013 | 7.22% | 6.9% APR | 75% | ||
