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Mortgage of the Week

Amanda Jarvis

May 2, 2006

The Halifax is offering a fixed rate deal until the 31st July 2008 at a rate of 4.49%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. The overall cost for comparison is 6.4% 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 £300 and an arrangement fee of £499 that can be added to the loan.

The Alliance & Leicester is offering a long term fixed rate deal until the 31st May 2011, at a rate of 4.84%, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.49%. The overall cost for comparison is 5.5% 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 £280 and an arrangement fee of £499 that can be added to
the loan.

The Norwich & Peterborough is offering a variable rate two year discounted scheme at a current interest rate of 3.3%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.3%. The overall cost for comparison is 5.9% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within 5 years. There is a valuation fee of £220 and no arrangement fee.

The Alliance & Leicester is offering a five year discounted scheme, at a current rate of 4.79%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.59%. The overall cost for comparison is 6.1% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within 5 years. There is a valuation fee of £280, and an arrangement fee of £499 that can be added to the loan.

The Abbey is offering a 5% cashback variable rate deal at a rate of 6.5%. The overall cost for comparison is 6.8% APR. There is a requirement to repay the cashback on early repayment of the loan within five years of the start date. There is a free valuation and no arrangement fee.

BM Solutions is offering a two year tracker buy to let deal at the Bank of England base rate plus 0.35%, currently 4.85%, reverting to their standard variable rate, currently 6.45%, at the end of the period. The overall cost for comparison is 6.5% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the first two years of the loan. There is a valuation fee of £350, while the arrangement fee of £599 can be
added to the loan.

For those looking to remortgage, The Halifax is offering a fixed rate 4.49% deal until the 31st July 2008, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.5%. The overall cost for comparison is 6.4% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the discount period. This mortgage
offers a free valuation, free legal work but an arrangement fee of £499, which can be added to the loan.

BM Solutions is offering a two year deal at the Bank of England base rate minus 0.25%. This equates to 4.25%, reverting to their standard variable rate for the remaining term of the mortgage, currently 6.49%. The overall cost for comparison is 6.4%. An Early Repayment Charge is payable if you repay all or part of this mortgage within the first 24 months. There is a valuation fee of £250 and an arrangement fee of £599, which 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.


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