Glance over this (Mortgage)

AthlonTom

AthlonTom

AthlonTom

Suspended
Joined
22 Oct 2004
Posts
1,884
Talking to Barclays the other day, I think this looks pretty good, what do you think?

10 Year Fixed rate.
5.59% until 30/06/2017, then for the remaining term BoEBR + 0.95% currently 6.45%. The overall cost for comparison is 6.1% APR

Application Fee
£595 ~ Barclays will apparently wave this if you have a large amout of savings

What Can I Borrow
Up to 80% of the value of your home ~ Plenty, I have approximately 25K for this - I can possibly get more if I dont buy the car I'm after

Early Repayment Charge
6% of the balance repaid will apply if the mortgage is repaid in whole, part of transferred to another scheme until 30/06/2017 ~ Meh

So what do you guys reckon? Rip off? Average affair? Good deal?
 
Looks reasonable, only problem with long term fixed rates is if you move within the initial 10 year period, it looks as though you'll get slapped with a whopping 6% redemption penalty. Also, if rates go down you'll be locked into that rate for a long time but thats not so bad as long as you can afford the repayments, which I'm sure you can.

I really do think its worth talking to an independent mortgage broker however, costs you nothing and as long as they're searching the whole of the market, you might well be able to get a better deal than that.
 
scorza said:
Looks reasonable, only problem with long term fixed rates is if you move within the initial 10 year period, it looks as though you'll get slapped with a whopping 6% redemption penalty. Also, if rates go down you'll be locked into that rate for a long time but thats not so bad as long as you can afford the repayments, which I'm sure you can.

I really do think its worth talking to an independent mortgage broker however, costs you nothing and as long as they're searching the whole of the market, you might well be able to get a better deal than that.
Click to expand...

Cheers for that - much appreciated

In the current climate it seems unlikely that rates will go down, though a lot can happen in 10 years, if I'm to move I should imagine I'd try and keep the property as an investment anyway.

Anyone have any recomendations for independent brokers?
 
Like what's been said, probably best to go for a 2-5 year fixed really.

As for independant brokers. I had a look round myself, doing all the research,
then went to a broker (who gets £495 commission per mortgage sign-up) who ended up recommending the same mortgage I had picked out myself. Bet they just use the web as well!
 
AthlonTom said:
Anyone have any recomendations for independent brokers?
Click to expand...

I spoke to a couple, in the end I got my mortgage through the broker recommended by the estate agent. He seemed to know what he was talking about it and contacted me quickly when one mortgage company put down their rates.

As for independant brokers. I had a look round myself, doing all the research,
then went to a broker (who gets £495 commission per mortgage sign-up) who ended up recommending the same mortgage I had picked out myself. Bet they just use the web as well!
Click to expand...

True but its not like you save yourself £500 by not going through an independant broker :p
 
I have a 10yr mortgage with barclays, luckily got in at 4.97%.

The mortgage is portable so unless they have changed it you can move as long as you have the 20% deposit.
 
I might go 5 year fixed then looking at it, I'll still have a 20% deposit either way so I should be able to get a good deal.

Right I'm off to Scotland for another lovely week of Consulting, plenty of tim to mull the options over!!

Cheers All
 
You must log in or register to reply here.
Back
Top Bottom