The headline deals are for 60% LTV but there's a good value 10 year fix available at 75% LTV for 2.64%. However, I'll just talk about the headline deals in this post.
The deal linked to below was a good deal from HSBC which, unfortunately, was pulled last December. It was available at 65% LTV.
However, assuming that you meet the 60% LTV requirement, this deal is much better for one main reason - early repayment charges. The first list below is the First Direct ERC for years 1 through 10 and the second list is for HSBC for years 1 through 10.
3/2/2/2/2/2/2/2/2/2%
5/5/5/5/5/5/4/3/2/1%
Ten years is a long commitment and people can need out of a mortgage deal for many reasons such as divorce or remortgaging to release equity for college tuition, medical expenses or entry to retirement homes. With the First Direct product, unless you encounter issues in year 1, the ERC will be just 2% - which most will be able to handle.
They are not rising. The deals you're quoting are the rates with arrangement fees. I've been tracking First Direct rates for ages and this is the cheapest fee-free 5-year fix ever.
The previous best First Direct 5-year fee-free fix was 2.08% - that was pulled in January and the rate was 2.19% since (until today's drop to 1.94%).
The HSBC deal you link to has comments about a 1.96% 5-year fee-free fix. This deal is 0.02% lower and has lower early repayment charges.
All comments (47)
cadmus
16 Feb 17#1
I need a £120 k mortgage and I own my house which is valued at £270 k ..I need the security of a long fixed mortgage and do you think I would qualify and would this be suitable for me
Master.G to cadmus
16 Feb 171#2
You certainly qualify on LTV but you'll also need to meet their lending criteria: credit score, disposable income etc. Give them a call.
madmaxpayne to cadmus
17 Feb 17#36
You don't own the house if you still have a mortgage
alcopop
16 Feb 172#3
There is no way the OP can answer that, it would depend on your individual circumstances, eg income and expenditure, whether the lender would see it as affordable for you. Etc.
cadmus
16 Feb 17#4
Thankyou :smirk:
mackay85
16 Feb 17#5
Heat added.
Edmundo07
16 Feb 17#6
Do you need to hold an account with them? I see barclays has same rate on moneysupermarket but its only available to premier account holders. I have a 10yr fix set up with current lender barclays at 2.58% due to start april 1st. Want to keep payments consistent and not worry about base rates.
scottishpunter
16 Feb 17#7
These rates are starting to rise, I fixed with First Direct at the end of January for 1.84% 5 years - and then the rate dropped just after to 1.79% as posted in this deal from three weeks ago.
marathonic
16 Feb 174#8
They are not rising. The deals you're quoting are the rates with arrangement fees. I've been tracking First Direct rates for ages and this is the cheapest fee-free 5-year fix ever.
The previous best First Direct 5-year fee-free fix was 2.08% - that was pulled in January and the rate was 2.19% since (until today's drop to 1.94%).
The HSBC deal you link to has comments about a 1.96% 5-year fee-free fix. This deal is 0.02% lower and has lower early repayment charges.
scottishpunter
16 Feb 171#9
Apologies, you are correct I had 2 spreadsheets one with fees one without and I looked up the wrong one.
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Opening post
The deal linked to below was a good deal from HSBC which, unfortunately, was pulled last December. It was available at 65% LTV.
However, assuming that you meet the 60% LTV requirement, this deal is much better for one main reason - early repayment charges. The first list below is the First Direct ERC for years 1 through 10 and the second list is for HSBC for years 1 through 10.
3/2/2/2/2/2/2/2/2/2%
5/5/5/5/5/5/4/3/2/1%
Ten years is a long commitment and people can need out of a mortgage deal for many reasons such as divorce or remortgaging to release equity for college tuition, medical expenses or entry to retirement homes. With the First Direct product, unless you encounter issues in year 1, the ERC will be just 2% - which most will be able to handle.
Your text here
Top comments
The previous best First Direct 5-year fee-free fix was 2.08% - that was pulled in January and the rate was 2.19% since (until today's drop to 1.94%).
The HSBC deal you link to has comments about a 1.96% 5-year fee-free fix. This deal is 0.02% lower and has lower early repayment charges.
All comments (47)
The previous best First Direct 5-year fee-free fix was 2.08% - that was pulled in January and the rate was 2.19% since (until today's drop to 1.94%).
The HSBC deal you link to has comments about a 1.96% 5-year fee-free fix. This deal is 0.02% lower and has lower early repayment charges.