2 year discounted SVR with an initial rate of 0.89% variable (YBS Standard Variable Rate -3.85%) until 31/08/2019.
Product fee: £1,495 Payable on application
Mortgage fee: £90 Payable on mortgage redemption.
Maximum Loan to Value (LTV) 65%
Top comments
Master.G
21 Apr 178#13
Why, what have you done?
fireman1
21 Apr 176#4
Great for the Londoners in their million pound 1 bed flats though.
japes
21 Apr 174#1
Fixed for 2yrs, Max 65 LTV and £1495 upfront payment ..... not that great TBH.
Chiptivo
21 Apr 174#9
Big news being made of this today.. But that fee!!! Offsets against all the advantages.
Latest comments (37)
Mada06
3 May 17#37
There's no need unless you have very complex borrowing requirements. I have done the last 3 remortgages myself, with a bit of research and access to a mortgage comparison website it's very straight forward.
turbo_c
3 May 17#36
fees fees fees
JusticeForThe96
24 Apr 17#35
Not for a mortgage no. Not difficult to ascertain the best option for that. I do work in finance so I might have a slight advantage over Joe Public to be fair.
whatyadoinsucka
22 Apr 17#34
Paying £1500 quid every two years to avoid an SVR, seems ludicrous,
that's the reason most people I know have base rate trackers and are paying considerable over payments.
ismaildeals123
21 Apr 17#33
2 years
this deal is poor
humadoon
21 Apr 17#32
not a great deal unless your mortgage is in millions
japes
21 Apr 17#31
You're right .... makes this even worse. Standard variable rate can be raised anytime
The_Hoff
21 Apr 17#30
Guessing you've never used one?
JusticeForThe96
21 Apr 17#29
"Fee is prohibitive" and "Use an IFA and a broker" seems a bit of an oxymoron :smile:
stave84
21 Apr 17#28
Yeah you guys may feel differently but on our mortgage (currently a fixed deal at 1.89%). We'd save £2610 per year. So the £1500 fee is minimal in comparison. And you can always choose to pay this bit off as extra. This deal (if we weren't fixed). Would save us give or take £3700 over 2 years. Or looking at that another way >10% reduction in monthly repayments. Amazing but we wouldn't want the risk of not being fixed at present (one baby and one on the way) so the current 3yr fix and the reassurance it brings suits better than a variable rate. If market stays the same you are quids in. If in 12m time the BOE BR is 1.5% this will get screwed.
Speedbirdjw
21 Apr 17#27
Not a patch on the Atom Bank one posted recently
sydney871
21 Apr 17#26
As a comparison have a look at atom bank which in my opinion is offering the best 2 and 5 years fixed rates. Only downside I can see is that you have to use one of their brokers.
Oops looks like they have just pulled the mortgage.
awesome deal as after 2 years their rate in -3.85% according to the op, so they pay me!
davewave
21 Apr 171#24
much faster online or by phone.
bellboys
21 Apr 17#23
And that's assuming the rate isn't hiked during those 2 years (it probably will be!). Just a ridiculous headline-grabber, this one. No doubt some will fall for it (I see a poster further up assuming it's a fixed rate, it isn't!).
annodomini2
21 Apr 171#22
Their best fixed 2yr deal is 1.78% with no fee, the total fees are actually £1825 including valuation (not legal).
Which equates to ~£76/m over the life of the deal.
Therefore you'd need min ~£200k borrowed, on an appropriate LTV to benefit from this deal.
MazingerZ
21 Apr 171#21
Ridiculous Product fee
fireman1
21 Apr 176#4
Great for the Londoners in their million pound 1 bed flats though.
gangey to fireman1
21 Apr 17#5
Comment.
With wheelie bins under the front lounge window and a front door that always seem to open outwards
The_Hoff to fireman1
21 Apr 17#18
Not a flat, but the rest of the profile matches... I even have a small house for my bins to live in.
Even with a sizeable mortgage I struggle to see the sense of this, the fee is very prohibitive for the very short duration. Typically I still tend to go via an IFA and broker.
davewave to fireman1
21 Apr 171#19
Yeah because nobody else needs to save money on their mortgage?
As a whole, those in North England and Wales have the highest average outstanding LTV mortgages, at 60 per cent and 55 per cent respectively. The average in Britain is 48 per cent.
Much of central London has low LTV rates. This is because house prices have soared past pre-recession levels.
Who will probably have to apply through means other than branches if the imminent closure of my local ex-Chelsea BS branch is anything to go by.
JGav
21 Apr 171#17
Good deal anyone with a reasonable size mortgage. Just workout the total cost including (legal and other) fees over the 2 years and be prepared to remortgage at the end of the 2 year period. Doesn't look like the %rates are going anywhere quickly unless inflation rises rapidly.
Ross81
21 Apr 171#16
Low rate high fee only any good for big mortgage low ltv
However, when you look at the mortgage debt remaining after 2 years (bottom graph on the comparison calculator) the story starts to change. In other words, while some other mortgages may have you paying more, they will also reduce your remaining debt by more than the difference (e.g. you pay £50 more over 2 years but your mortgage debt is reduced by £500 more, or whatever).
So there are clearly a lot of factors to look at when comparing alternatives.
Master.G
21 Apr 178#13
Why, what have you done?
lolstrawberry
21 Apr 17#12
thank you :laughing:
david_wavid
21 Apr 17#11
Do the banks know something we don't?
ScoTTyBEEE
21 Apr 172#7
It's a rubbish deal, especially if you put that fee onto the mortgage. Then 2 years later the discount ends and takes your -3.85% with it. This whole product is a teaser to sting you for 5% in 2 years, don't fall for it.
M_z to ScoTTyBEEE
21 Apr 171#10
Yes and no - couldn't all 2 year deals be described in that way? They still suit some people, and presumably these people are fully aware that they will need to change mortgage again at the end of the term?
I think the issue with it is more that the £1,495 Payable on application needs to be properly taken into account over the two year term - and unless your mortgage is above a certain amount, this wont be the cheapest product for you.
Chiptivo
21 Apr 174#9
Big news being made of this today.. But that fee!!! Offsets against all the advantages.
simonhzero
21 Apr 171#8
It may be fine for some people with large mortgages but the £1.5k fee is a bit of killer if you have a small mortgage. Always work out the total cost over the term of the offer (or after) to figure out if it's good for you.
japes
21 Apr 174#1
Fixed for 2yrs, Max 65 LTV and £1495 upfront payment ..... not that great TBH.
FatalSaviour to japes
21 Apr 17#6
This is *not* a 2 year fix - just to be clear!
Cozworth806
21 Apr 17#3
On my mortgage of £120k the product fee bumps this up by 0.63% so about 1.50% overall.
Not as catchy then is it.
May be better for larger loans
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Opening post
2 year discounted SVR with an initial rate of 0.89% variable (YBS Standard Variable Rate -3.85%) until 31/08/2019.
Product fee: £1,495 Payable on application
Mortgage fee: £90 Payable on mortgage redemption.
Maximum Loan to Value (LTV) 65%
Top comments
Latest comments (37)
that's the reason most people I know have base rate trackers and are paying considerable over payments.
this deal is poor
Oops looks like they have just pulled the mortgage.
https://www.google.co.uk/amp/www.telegraph.co.uk/personal-banking/mortgages/best-ever-mortgage-offer-pulled-nine-days/amp/
Which equates to ~£76/m over the life of the deal.
Therefore you'd need min ~£200k borrowed, on an appropriate LTV to benefit from this deal.
With wheelie bins under the front lounge window and a front door that always seem to open outwards
Even with a sizeable mortgage I struggle to see the sense of this, the fee is very prohibitive for the very short duration. Typically I still tend to go via an IFA and broker.
As a whole, those in North England and Wales have the highest average outstanding LTV mortgages, at 60 per cent and 55 per cent respectively. The average in Britain is 48 per cent.
Much of central London has low LTV rates. This is because house prices have soared past pre-recession levels.
higher loan vs value is darker green!!
Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-3438660/The-regions-biggest-mortgage-debt-revealed-Use-interactive-maps-town-city-compares.html#ixzz4esAe3K1U
not fixed, and only 2 years.......COLD
http://www.moneysavingexpert.com/mortgages/compare-mortgage-rates
https://www.moneysavingexpert.com/mortgages/best-buys/
However, when you look at the mortgage debt remaining after 2 years (bottom graph on the comparison calculator) the story starts to change. In other words, while some other mortgages may have you paying more, they will also reduce your remaining debt by more than the difference (e.g. you pay £50 more over 2 years but your mortgage debt is reduced by £500 more, or whatever).
So there are clearly a lot of factors to look at when comparing alternatives.
I think the issue with it is more that the £1,495 Payable on application needs to be properly taken into account over the two year term - and unless your mortgage is above a certain amount, this wont be the cheapest product for you.
Not as catchy then is it.
May be better for larger loans