​Yeh. Its called the dont be greedy mortgage. Leave the houses for them that haven't got one already.

Some people prefer longer fixes such as the fee-free 2.79% 10-year fix posted below:

2.79% 10-year Fix

Personally, I prefer the 0.8% lower 5-year fix and using the 0.8% as overpayments. That way, at no extra cost, you will have paid off 4% (0.8 * 5) of your mortgage balance over the five years. I'd be very surprised if you ended up worse off when remortgaging to another 5-year fix in 2021.

Using overly simplified maths to make it easier to understand (the actual figures will vary slightly depending on term left to run), a 5-year fix in 2021 would need to cost over 3.6% to make the 10 year fixed rate option pay off - basically, the 2.79% you'd be paying on the 10-year fix plus the 0.8% extra you paid during years 1 through 5. I believe 5 year fixes will cost significantly less than 3.6% in 2021.

Oh the outrage that people want to make money. What a society we live in.

It isn't over valued if that's what people will pay, almost everything in this world is priced based on supply and demand.

I got most of my house deposit together working at Sainsburys while getting a degree. If I wasn't studying, I was working, including 60/70 hour weeks during holidays.

Everything is always someone else's fault, right?

Yes, because there really is a shortage of houses available. I looked on rightmove earlier and there was only a few thousand for sale in my city. I better get one quick before they all get sold for buy to let before the weekend.

Jesus. I can remember paying 15% in the 90s. Hope those days dont come back for all the younguns. I went from paying £200 a month to £450 a month on 30k mortgage. Imagine that kind of pro rata rise today. Dont take on too much, trust me.

Thanks Marathonic for your advice.

Which one is better for £150k remortgage
1) 1.74 no fee fixed for 2 years with hsbc
2) 1.74 lifetime tracker with £999 fee with hsbc.
I only have 10 years left on my mortgage.

Thanks SewerSide.

Advice please! I always thought less interest rate is better but HSBC advised me other way as there is no fee involved. Will 1.74% fee-free deal be better than 0.99% with £1499 fee on 150K mortgage for 2 fixed years.

Been on an Intelligent Finance (IF) offset since 2006 and own approx 3/4 of the house outright with a £75K balance. IF are no longer lending and its existing mortgages are fixed at 2.5% I believe. Am starting to consider my options on mortgage offers under 2% so this is worth looking at.

The average wage includes people on very low salaries - the typical person on minimum wage never could and never will be able to buy a house.

At any point in time, whether today or 10/20 years ago, the lowest paid section of society will not usually be able to afford to buy. This may include those who expect to rent for life or those for which being among the lowest earners in society is expected to be a temporary thing.

What I'm getting at is that an £18k average salary in a particular area cannot be used to calculate whether houses are affordable. You really need to calculate it based on the average salary after stripping out all those on, or close, to minimum wage.

Regardless of how you feel with regards to excluding the lowest paid in society from being able to buy their own home, the fact remains that they'll never be able to afford one based on their salary - and this is not a new phenomena.

So your saying anyone who does not own a few properties has no work ethic? Personally I think houses are overpriced and will crash. Who will bail you out. Probably us lazy non house owning work shy lot. I think you are very narrow minded. I stated a clear fact which is well documented.

Oh really. The average wage outside The south is about 18k. Many are on less. Tell me where all these reasonable house prices are. A terraced house used to be 27-32k for 10 years in the north west. Government rules changed and buy to let took off. Same houses are now 100k. Do the maths

Landlords are not staying in more than one house. "Leave the houses for them that haven't got one already." - happens through letting, and very very useful to those tenants who haven't got one already and are unable to buy at that point in their life - the same phenomenon that everyone including the landlord would have gone through.

No idea where in the country you live, but that statement is cr*p. Lots of nice first time buyers homes available at a reasonable price away from the SE/London.

We're remortgaging as our initial 5 year term is just about to come to an end, so the amount we need to lend is not that high relative to the propery value. I guess most people looking at this will be in a similar situation as not many first time buyers will have a 50% deposit!


Yes I was under the impression that generally the overpayment limit it's 10% of the original balance, however I checked the terms for this Coventry mortgage and it says "You can repay up to 10% of the capital p.a. without an early repayment charge", which I would interpret as 10% of the remaining capital each year as opposed to the initial capital at the start of the term.

​So you're blaming the government? Private landlords are making money. It's what we all strive to do. It certainly isn't greedy to want to work hard, save, and invest to want to improve the lot of yourself or your children. But of course, those that haven't got the work ethic, or drive to improve, or don't want to scrimp and cut back to save a deposit can always blame those that have for their situation.

I agree with you.

According to Nationwide, the average house price today is £204,238 - a mortgage at an LTV of 50% would be £102,119.

Someone that bought a house 10 years ago at £160,319 with a 10% deposit would have started out with a mortgage of £144,287 and would now be 10 years into their mortgage, i.e. they'd probably be close to, or below, 50% LTV.

Is the assumption of some people that anyone who bought a house in 2006, or before, shouldn't really be on HUKD?

If I had 50% of the loan value with me, I would not have been scrolling HUKD ha ha

​im pretty sure it was sarcasm! lol

Why bother with a mortgage when you can live on benefits and pay a lot less?

Oh the outrage that people want to make money. What a society we live in.

It isn't over valued if that's what people will pay, almost everything in this world is priced based on supply and demand.

I got most of my house deposit together working at Sainsburys while getting a degree. If I wasn't studying, I was working, including 60/70 hour weeks during holidays.

Everything is always someone else's fault, right?

Yes indeed. Because of the change in gov payments for housing benefit under labour where the cap was put up 300%. House prices tripled in value in 4years in lower priced areas. Most low value properties are now rental houses. Average wages for these areas are too low to buy a 'cheap' house overvalued because of greedy landlords.

If you can hold on a month or so, I reckon they'll be even lower rates available then.
The interest rate cut is only just hitting savers, and mortgages are always slower to react.
Reckon a 1.79%/No Fee 5 year should be available in a month or so.

There are plenty of houses for sale out there. If somebody doesn't own their own house, do you actually think that is the fault of a private landlord?

Nah... they just ran out of cheap houses to buy.

Yes, because there really is a shortage of houses available. I looked on rightmove earlier and there was only a few thousand for sale in my city. I better get one quick before they all get sold for buy to let before the weekend.

I just signed up for the exact same mortgage for the second time - 2 year tracker with no early repayment charge. 0.89% + base rate (santander). Also get 1% of payments back as cashback.

The fees to settle early on a long term deal are often quite high, and due to the current uncertainty I really can't see any drastic change coming that makes a long term deal appealing.

Anyone know of the Best "Buy to Let" mortgages out there?
Thanks in advance! :-)

anything over 0.25 is a rip off :laughing:

nice cheap mortgages but grossly overpriced housing

don`t know about you but i would prefer expensive mortgages and cheap houses

From my understanding the BOE rate only ever changes in quarters ie 0.25℅ at a time. Unless the BOE decides to change their policy, I'm not sure where these economists are getting their information from. The next drop would be down to zero and below.

FYI. I've not been keeping a very close eye on mortgage rates since the BOE cut but have read that not many banks are passing on the cut either in full or part. If the BOE cut again (not a certainty by any means) it will ony likely be a marginal cut of 10 or 15 bp (so rates cut to 0.15% or 0.10%). Several MPC members have said that "the lower bound is above zero", i.e they won't cut rates to 0%. That means that if they do cut, the banks will have an even smaller margin to cut their rates again.

Rates are unlikely to rise soon, at least until the full fallout of Brexit is known. However, there's very little room for banks to cut mortgage rates meaningfully lower so we are very close to the bottom as far as they go. Timing is everything but I would think that tracker mortgages will have limited usefulness over the next 2 odd years because their rates will have limited downside. If you get one very close to the BOE rate (say 1.0% above) you can probably wear 2 or 3 hikes and still be better off than other rates at that time but then obviously you'll pay more for a fixed rate from then.

For those who just want piece of mind and stability I think getting a fixed rate for as long as possible at a rate under 2%, if possible, is the way to go.

This is a great deal. Would be all over this but sadly still got 1 year left on my 3.7% fixed. Doh!

Also free valuation and legal fee free. More cashback of 250 for current account holders. Looking forward to remortgage to them next year...

​NW currently offers mortgages with no limit to overpayments. And they seem to be offering best 2 year deals at the moment.

​i hear what you're saying, however, my thinking for jumping onna tracker in the current climate is this: to get the lowest rate, not that I'm expecting it to go lower, but instead stay where it is. I don't expect it'll go down, but I'd like to be able to take advantage of staying on the lowest rate for as long as possible, after paying at 3.49 for the past 4 years, I could've got a better deal you see (ah isn't hindsight a wonderful thing!)

Helpful mortgage calculator use this link
http://www.moneysupermarket.com/mortgages/calculator/

Ha ha that made laf!

Well said

Just seen this today too - Was in a bit of a dilemma as I've already got a telephone mortgage appointment booked for this evening with First Direct to go for their 2.08% 5 year fee free mortgage deal and I wondered whether to cancel and go for this.

After much deliberation, I've decided to stick with the First Direct morgage for the extra 0.09%, as theirs allows unlimited overpayments, whereas the overpayments on this are limited to 10% of the capital per year.

For me the 10% overpayments limitation would become too restrictive as the mortgage gets smaller. I'd rather be able to set the minumum monthly payments quite low and then overpay as much as I want to, which you can with the First Direct one.

The big difference is that the outstanding balance reduces much quicker on the lower rate product.

£100,000, 25 year mortgage, at 2.79% you pay £463/mo
£100,000, 22 year mortgage, at 1.99% you pay £468/mo

I reduced the term by 3 years for simplicity - you'd be paying an extra fiver per month for the five years.

Balance after 5 years:

£80,951 on the 1.99% rate
£85,154 on the 2.79% rate

So you'd have paid an extra £300 over the five years on the reduced term, 1.99%, product and the outstanding balance would be £4,203 less - a saving of £3,903

Not sure about your maths, but I might be wrong.

If you had a £100,000, 25 year mortgage, at 1.99% you pay £423/mo. At 2.79% you pay £463/mo. So if you overpaid the difference, that would be £40 * 60 months, or £2400, which is 2.4% of the mortgage.

I'd be nervous about fixing because of Brexit. Job security for many will be more uncertain for a long time yet. Lose your job with no prospect of a new one and being tied into a 5-10 year deal with massive ERC.

Think a tracker with low rates, possibly no great rate increases in the pipeline and the ability to jump on to a fixed at short notice seems a better idea.

isnt the HSBC 1.79 tracker for life worth a punt though, with our assumations of the BOE rate atm?

Has anyone got a link to the 1.99% fixed Chelsea mortgage with no fees, as I can't find it on their web site?

check Quidco and TCB for free mortgage advice and cashback

Anyone know of the Best "Buy to Let" mortgages out there?
Thanks in advance! :-)

I have on natiowides bmr for past 3 years. currently 2.50 but I think it's going to or has gone to 2.25 with the last boe drop so not worth me changing as our mortgage is pretty small

These aholes just cut their interest rate for savers, so they can bump up their mortgage offerings? 2008 is coming again.

How do the maths stack up against the Coventry BS 2.39% 10 year fix with £999 fee?

​​​I have a really good credit rating and I am looking to re-mortgage on a fixed rate. I am currently on my banks variable rate and free to move. I currently owe 96k

First Direct have an excellent fee-free rate at 2.18% for 5-years for a 75% LTV.

BOE is likely to drop interest rate again very soon. Do you think it would be worth waiting as banks may follow downwards with mortgage rates?

I was accepted on Coventry's five year fix at 2.24% (65% LTV), which has now dropped to 2.04% (as of yesterday), but think it makes sense to go for a tracker atm.

Given that BOE rate is likely to go down again, before going back up, and the fact that my mortgage has already been approved by Coventry, I decided to stick with them, and think the following is pretty good atm instead:

+1.35% Bank Base Rate Flexx Tracker to 30.09.18

The plan is to move to a new deal (likely a fixed rate) by the end of the two years. In the meantime, I can take advantage of the BOE rate drop. I know there is a risk rates could go up in that time, but i am willing to take that risk. Even if they do go up another 0.25%, I would be better off than I would be on the 2.04% fix.

Does anyone know the best deals for a 75% LTV?

Some people prefer longer fixes such as the fee-free 2.79% 10-year fix posted below:

2.79% 10-year Fix

Personally, I prefer the 0.8% lower 5-year fix and using the 0.8% as overpayments. That way, at no extra cost, you will have paid off 4% (0.8 * 5) of your mortgage balance over the five years. I'd be very surprised if you ended up worse off when remortgaging to another 5-year fix in 2021.

Using overly simplified maths to make it easier to understand (the actual figures will vary slightly depending on term left to run), a 5-year fix in 2021 would need to cost over 3.6% to make the 10 year fixed rate option pay off - basically, the 2.79% you'd be paying on the 10-year fix plus the 0.8% extra you paid during years 1 through 5. I believe 5 year fixes will cost significantly less than 3.6% in 2021.