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Robyn Hall
Just Retirement is going on the road over the next few months. This seminar is in London.
Area Sales Manager - Financial Services - London
North London
Mortgage Consultant / Mortgage Adviser - Fulham
South London
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Mortgage of the week
31 March 2008
31 March, 2008
Long-term mortgage products have been given the governmental thumbs up, although the industry does not seem to be as convinced about their benefits as the Chancellor.
Whatever your personal feelings on the matter, Mortgage Talk has highlighted Nottingham Building Society's five-year discounted product as its current top pick. MORTGAGE TALK'S PRODUCT OF THE WEEK
Nottingham BS is offering a five-year discounted scheme at 1.15 per cent off its standard rate, equivalent to a current rate of 6.19 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.34 per cent.
The overall cost for comparison is 7.3 per cent APR.
FURTHER WEEKLY PICKS:
Short-term fixed rate
The Halifax is offering a fixed rate deal until 30 June 2010, at a rate of 5.69 per cent, reverting to its standard variable rate for the remaining term of the mortgage, currently 7.25 per cent.
The overall cost for comparison is 7.4 per cent APR.
An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £315 and an arrangement fee of £999 that can added to the loan.
Long-term fixed rate
Nationwide is offering a five-year fixed rate mortgage, at a rate of 5.83 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.74 per cent.
The overall cost for comparison is 6.7 per cent APR.
An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £295 and an arrangement fee of £499 that can be added to the loan.
Short-term discount or tracker
BM Solutions is offering a three year tracker scheme at the Bank of England base rate plus 0.84 per cent, equating to 6.09 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.69 per cent.
The overall cost for comparison is 7.7 per cent APR.
An Early Repayment Charge is payable if you repay all or part of this mortgage within the incentive period. There is a valuation fee of £365 and an arrangement fee of £750 that can be added to the loan.
There is an early redemption penalty upon repayment of this loan up to the end of the discount period.
There is no valuation fee but an arrangement fee of £695.
Buy-to-let
Alliance & Leicester is offering a fixed rate deal until 30 April 2010 at a rate of 5.34 per cent, reverting to its standard variable rate, currently 7.39 per cent, at the end of the period.
The overall cost for comparison is 7.6 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 £310, while the arrangement fee of £2,500 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, Accord Mortgages is offering a tracker fixed until 31 May 2013 at 6.19 per cent reverting to an SVR of 7.25 per cent thereafter.
The overall cost for comparison is 7.1 per cent APR. This mortgage offers a free valuation, free legal work and no arrangement fee.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Lifetime tracker
BM Solutions is offering a lifetime tracker deal at the Bank of England base rate plus 0.99% for the full term of the loan, currently equating to 6.24 per cent.
The overall cost for comparison is 6.7 per cent. There is no Early Repayment Charge on this loan, but there is a valuation fee of £365 and an arrangement fee of £1000, which can be added to the mortgage.
100 per cent mortgage
The Bristol & West is offering a fixed rate deal until 31 May 2013, at a rate of 7.19 per cent, reverting to the standard variable rate at the end of the term of the mortgage, currently 7.34 per cent.
The overall cost for comparison is 7.8 per cent APR.
An Early Repayment Charge is payable if you repay all or part of this mortgage during the discount period. There is no valuation fee, but an arrangement fee of £499 that 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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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