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Mortgage of the Week

Amanda Jarvis

October 18, 2004

Short Term Fixed Rate

The Northern Rock is offering a fixed rate until the 1st November 2006 at 4.79% (APR 6.7%). There is a valuation fee of £410 and an arrangement fee of £595 that can be added to the loan.

Long Term Fixed Rate

The Norwich & Peterborough is offering a five year fixed rate deal at 5.44% (APR 6.4%). There is a valuation fee of £225 and an arrangement fee of £345 that can be added to the loan.

Short Term Discount

The Norwich & Peterborough is offering a two year discounted scheme at an interest rate of 3.79% (APR 6.4%), with a valuation fee of £225 and no arrangement fee, subject to redemption penalties.

Long Term Discount

The Alliance & Leicester is offering a five year discounted scheme, without redemption penalties, at a current rate of 4.84% (APR 6.3%), with a valuation fee of £280 and an arrangement fee of £395 that can be added to the loan.

Cashback

The Northern Rock is offering a variable rate mortgage that gives a 9% cashback on the amount borrowed. The current rate is 6.84% (APR 7.1%), with no arrangement fee, but a £410 valuation fee. The loan is subject to redemption penalties.

Buy to Let *

The Nat West is offering a buy to let discount mortgage until the 31st December 2006, currently at 5.44% (APR 7.2%) with a valuation fee of £225, an arrangement fee of £395 and no penalties.

Remortgage**

For those looking to remortgage, The Halifax is offering a tracker scheme until the 28th February 2007, currently at 4.99% (APR 6.5%), with a free valuation, free legal work and no arrangement fees.

Tracker

This week's best tracker again comes from BM Solutions, with a two year deal at base rate minus 0.76%. This equates to 3.99% (5.8% APR), with a valuation fee of £265. There is an arrangement fee of £1500, which can be added to the
mortgage.

All figures are subject to revision, but current at time of going to press.

Terms and conditions apply. Subject to status and availability. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

* 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.

**Your existing lender may impose penalties if you switch your mortgage to a new lender.

For full details contact Mortgage Talk – the UK's leading independent


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