Best mortgage rate

[broughtonblue]

I'm coming to the end of my 'tie in' period which has been 5.99% for the last 5 years. With the base rate so low at the minute I was looking forward to saving a few quid and getting a new deal at around 3.5% but the best my lender can offer on a fixed rate is 4.9%. I'm with a&l at the mo, any one took anything out lately better than this and with which lender?

[AoWW]

Try a forum that deals with financial advice?

[Jace]

My mortgage is rate is around 5.56% which I took out about 10 months ago because I am a first time buyer my financial adviser couldn't find anything lower as I am higher risk with low deposit

[broughtonblue]

Try a forum that deals with financial advice?

With this being a 'general' forum I thought I would ask a 'general' question on it, thanks for your advice!

[m00nie]

With this being a 'general' forum I thought I would ask a 'general' question on it, thanks for your advice!

martin lewis site is great place for anything money wise

mortgage section here

http://forums.moneysavingexpert.com/forumdisplay.php?f=15

[SystonFox]

I'll keep my eye on this thread. Hoping to buy my first house this year. Grow up a little maybe

[AoWW]

With this being a 'general' forum I thought I would ask a 'general' question on it, thanks for your advice!

I don't have a problem with you asking the question, I just genuinely thought there'd be better places to get advice. Chill.

[broughtonblue]

martin lewis site is great place for anything money wise

mortgage section here

http://forums.moneysavingexpert.com/forumdisplay.php?f=15

Thanks mate, completely forgot about that site. Sort of info I was looking for!

[Jace]

Thanks mate, completely forgot about that site. Sort of info I was looking for!

Have you spoken to an independent mortgage adviser? many people are put off speaking to mortgage advisers because they worry it will cost them a fortune but in most cases its completely free. They make their money off the commission from the mortgage provider once the product is sold and will have plenty of knowledge of how to find you the best deal didn't cost me a penny with mine

[MPH]

Got in to the state employees credit union here in North Carolina... dont know how as i dont actually work for the state but anyhow... my wife and I have been quoted 3.25% as a mortgage rate... by FAR the cheapest over here as 5.75% has been the average we have been quoted... so have you looked into the credit unions in the area?

[Legend_in_blue]

Once you hit the 70% LTV rate, you'll be in a good position to choose from a variety of good deals.

It's difficult to advise when this isn't known!

I would go for a tracker rate - the current financial situation the world is in still isn't great, wasn't great 2 years ago and doesn't look like improving any time soon. There's less risk there imo.

Fixed rates look great, but then watch out for set-up fees, which can be worth a years worth of mortgage payments alone after interest, leaving you effectively paying a year's worth before you even start.

Go for a no fee, tracker rate. But like I said earlier, a lot depends on the LTV.

For example HSBC are offering 2.24% fixed for 2 years with an LTV of 60%. This however requires a fee of £1999 to set up. Madness.

So assuming you continue to take up a fixed rate for 2 years, every 2 years, how much extra will you end up paying in fees alone for the next ten years?

They get enough out of us as it is, why hand them even more?

[Bayfox]

what rate do you drop onto at the end of the fixed period, our fixed is up in april and we have been on 5.6% but as we will then track around 2% above base rate we drop to 2.5% whilst rates are so low, meaning we save around £200 a month, with no sign of a rate increase in the next 9 months, you may be best waiting, of if you can still afford to pay the full payments do it and get some over payment in whilst you can, then fix at the 1st sign of a rates rise.