mortgage advice

Crizzy · 15 Nov 2011 at 20:21

mrbell1984 said:
If I was to get the 5 year fixed, it would be as follows;

5.49% - 000 application fee, 10% deposit. (FTB only)
4.67% - 499 application fee, 10% deposit (FTB only)

Is that 4.67 with Barclays? That sounds very reasonable.

Deleted member 77746 · 15 Nov 2011 at 20:25

Crizzy said:
Is that 4.67 with Barclays? That sounds very reasonable.

Yes, well technically it's With Woolwich but loyalty scheme with Barclays. The follow on rate after the 5 years fixed is 3.89%.

jamenn · 15 Nov 2011 at 20:27

Watch out for arrangement fees on smaller mortgages it can work out cheaper to take a higher rate with lower arrangement fee

Deleted member 77746 · 15 Nov 2011 at 20:35

jamenn said:
Watch out for arrangement fees on smaller mortgages it can work out cheaper to take a higher rate with lower arrangement fee

That all depends if people can afford the arrangement fees over a period of payments. It's scary when you look at the facts sheet for customers!

Crizzy · 15 Nov 2011 at 20:35

mrbell1984 said:
Yes, well technically it's With Woolwich but loyalty scheme with Barclays. The follow on rate after the 5 years fixed is 3.89%.

The 4.67% deal is with a 15% deposit according to their website?

Deleted member 77746 · 15 Nov 2011 at 20:38

Crizzy said:
The 4.67% deal is with a 15% deposit according to their website?

Ah yes the LTV is 85%! For Loyalty Customer Mortgages. 5 year fixed. 4.67% - 999 fee
Ah yes the LTV is 90%! For Loyalty Customer Mortgages. 5 year fixed. 5.49% - 499 fee

FOR ( follow on rate ) - 3.89%

Crizzy · 15 Nov 2011 at 20:41

mrbell1984 said:
Ah yes the LTV is 85%, That's not for loyal customers though who are already with Barclays.

If your not with Barclays it's 85% LTV! It's 90% if your customer!

That's a pretty good deal, shame I'm not with Barclays!

Deleted member 77746 · 15 Nov 2011 at 20:45

EDIT: see above and below for fact sheet info.

Deleted member 77746 · 15 Nov 2011 at 20:49

3 year fixed, 85% LTV, 4.04% fixed then 3.89% FOR (15% deposit) 499 fee
3 year fixed, 90% LTV, 4.99% fixed then 3.89% FOR (10% deposit) 000 fee

Crizzy · 15 Nov 2011 at 21:01

mrbell1984 said:
3 year fixed, 85% LTV, 4.04% fixed then 3.89% FOR (15% deposit) 499 fee
3 year fixed, 90% LTV, 4.99% fixed then 3.89% FOR (10% deposit) 000 fee

Well mrbell1984 I wish you good luck with getting on the property ladder, I shall be doing the same after christmas

Deleted member 77746 · 15 Nov 2011 at 21:05

To be honest with you mate I am dreading it! I have a viewing tomorrow at 3.30, 1 door away! The man passed away and is on the market for 69K! I am unsure what to do at the moment but he had windows, doors, guttering and a combi boiler fitted just before he passed away the poor soul.

R.I.P. It will take a bit time to do up but it's a brilliant house for the money, I can't get any house cheaper at this moment in time. It won't loose value in the next few years that is for sure.

I did rent for 4 years so I know what it's like and I will be living on my own again.

cram · 15 Nov 2011 at 21:14

_Jimlad_ said:
they say if you have more than 10k in savings and a mortgage your losing money... you should maybe pay some more off, you will save far more in the long run

Not true. All depends on your mortgage rate, whether you are a higher rate tax payer and what interest rate you could get with your savings.

My mortgage rate is 0.98% however my mortgage is totally offset so in effect it is zero. However I could easily get 3% for my savings. Even allowing for the tax I would need to pay I would actually be better off not offsetting and sticking the money in an interest bearing account. You need to do the maths on these things.

Deleted member 77746 · 15 Nov 2011 at 21:20

cram said:
You need to do the maths on these things.

This is the problem, when your thrown gazillions of figures it's crazy!

cram · 15 Nov 2011 at 21:24

In your case you are quoting a reversionary rate of 3.89% what is that rate in reference too? Is it their current svr? As it certainly won't be fixed at that

Deleted member 77746 · 15 Nov 2011 at 21:36

As far as I can tell it says follow on rate, it may be more it may be less.

cm1179 · 15 Nov 2011 at 21:40

mrbell1984 said:
This is the problem, when your thrown gazillions of figures it's crazy!

you need to read things through twice. you've already missed out the app fee

cram · 15 Nov 2011 at 21:46

mrbell1984 said:
As far as I can tell it says follow on rate, it may be more it may be less.

What does that mean? Are you saying it is a variable rate (would imagine so). Re the app fee you can normally add these to the mortgage, though you obviously pay interest on it.

Deleted member 77746 · 15 Nov 2011 at 21:46

cm1179 said:
you need to read things through twice. you've already missed out the app fee

There's too many people in the world doing each other over. You think they are doing good when indeed they are ripping out your eyes with a hot spoon even though they say they are not, they clearly are.

I have yet to make a commitment, I have only reviewed things. In the current rates its what I was advised.

Before finally making my mind up, I shall be talking to other people regards to what is on offer.

It isn't the end of decisions and I know what you mean.

Thanks

Deleted member 77746 · 15 Nov 2011 at 21:59

Bunka said:
I'm not sure who you bank with, but I've just signed up for a Barclays loyalty mortgage at 3.99% fixed for 5 years.

5 year fixed, 70% LTV, 30% deposit, 3.99%, 499 fee ???

cm1179 said:
you need to read things through twice. you've already missed out the app fee

No, not twice...... 5 times and more. I am new to this. FTB.

_Jimlad_ · 15 Nov 2011 at 23:08

so just drop onto a tracker then is what people reckon is best?