Didn't think was to bad if you want to know what your paying every month for 5 years without any worries. Zero sign up fee too
Early repayment charges, whilst present, are not to bad - 3% in the first year or 2% in any subsequent year.
Top comments
bojangles to Youngsyr
9 Apr 163#34
paying interest on £180,000 instead of £200,000 over 25 years will save you a lot more in the long run than putting £20,000 in the 123 account + it would mean you pay your mortgage back by almost 3 years quicker. If you paid £60k then you would your mortgage off 10 years quicker, saving yourself £40k in interest.
All comments (84)
centurion
8 Apr 16#1
Im with FD bank but mortgage with YBS. If i took this deal i could make overpayments more than the 10% per year im allowed now but never actually pay the mortgage off fully within the 5 years so no early repayment fee. Is that right?
tellyt to centurion
8 Apr 161#8
As long as you don't pay off the whole mortgage in the 5 years then there won't be any fees. Signed up (switch from a current FD mortgage) for this deal recently on a 5 year 1 month term, will have paid off my mortgage in total that way without fee.
freshman247 to centurion
8 Apr 16#9
Correct
FD allow unlimited overpayments.
niknaks14 to centurion
10 Apr 16#58
Youngsyr
8 Apr 162#2
Why would you make overpayments? Put the money in a Santander 1-2-3 account (you can have 3 per couple, so up to £60k interest earning) and you'll earn 3% interest on it, which is more than the interest you'd save by making over payments.
eslick to Youngsyr
8 Apr 162#3
With the recent changes to the account you have to have £9000 in the account before making any cash.
Check out how much you can repay and then in 5 years you just move to another product if you leave FD just check for the fee to pay at the end.
bojangles to Youngsyr
9 Apr 163#34
paying interest on £180,000 instead of £200,000 over 25 years will save you a lot more in the long run than putting £20,000 in the 123 account + it would mean you pay your mortgage back by almost 3 years quicker. If you paid £60k then you would your mortgage off 10 years quicker, saving yourself £40k in interest.
stayathomeextro to Youngsyr
9 Apr 16#36
Because interest on a decent mortgage is calculated daily, so the money you save on paying interest on your mortgage is a better return than the interest you get on the crumby saving account rates.
cikki100
8 Apr 161#4
are the mortgage rates going up? I'm sure this was cheaper something like 1.99% or something
MrJinxy to cikki100
8 Apr 16#5
Might of been a tracker morgage or a lower fixed term. This is the cheapest long term fix I've seen. When I say long term I mean 5/10 years
enclavemarine
8 Apr 16#6
Good for 5 years I've just signed up to a 10yr fixed at 2.9 with FD
MrJinxy to enclavemarine
8 Apr 16#11
Same, I'm in the middle of switching to that deal but saw this and called them up to find out what my options are with this.
The 10 year fix mortgage isn't available anymore but I have secured the rate for 6 months whilst I decide if I want to go with this one.
Decisions!!
Crazy Chris
8 Apr 16#7
Id agree i got 5 year fixed for 2.42 in sept and that was best rate at time. This seems really good
tobias7098
8 Apr 161#10
I just took out a new 5 year fixed 90% Mortgage with FD for a "new" house. Rate was 2.99% . Best I could find. Hope this well help someone. . The customer service is great.
Simes123
8 Apr 162#12
Not really - I pay council tax, 2 mobile phone contracts, landline and sky via DD in my Santander account and get more cashback from that alone, than the £5 a month fee (i.e., they pay me for using them). And then I get 3% net + any cash back surplus. Need £3k+ in the account to get 3%.
e_munky
9 Apr 16#13
So what happens at the end of the 5 years, do you get whatever rate they have then? Surely that's a big risk if you have another 17-20 years to see out?
Or it is easy and common practice to shop around and switch?
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Opening post
Early repayment charges, whilst present, are not to bad - 3% in the first year or 2% in any subsequent year.
Top comments
All comments (84)
FD allow unlimited overpayments.
Check out how much you can repay and then in 5 years you just move to another product if you leave FD just check for the fee to pay at the end.
The 10 year fix mortgage isn't available anymore but I have secured the rate for 6 months whilst I decide if I want to go with this one.
Decisions!!
Or it is easy and common practice to shop around and switch?