Nice

Fab deal, nice find chichi. :grin:

Thanks Chanchi, was looking for mortgage after chasing every deal posted here... :grin:

Worth reading the thread in the link that the OP put up. Hard to get a mortgage with and if declined, that's on your credit file .... (Please correct me if I am wrong on this one as I was interested in that comment....)

No fees?

Tempting deal. Im currently on their 1.29+BOE lifetime tracker with a current rate of 1.54% - but a 0.3% premium is a small price to pay for the security of a 5 year fix.

excellent!! cheers!!

Atom were offering 2.39% on 85% ltv for 5 years, mine completed yesterday. Not as good obviously but I owe a lot more!

The last few years of the mortgage term are glorious as you see the outstanding loan reduce really quickly as the balance of payments goes onto the capital instead of interest and the sight of freedom appears on the horizob.

I would have snapped this up but I'm already in one that will take me to the end of the mortage.

anyone know how long you can delay this? current one ends in 5 months.

Seems expensive to me for 60LTV, I suppose it depends on your circumstances, but if I was a few years away from clearing my mortgage and not 33 I'd probably be less bothered about the terms (currently paying 1.14% with cashback on payments).

Misleading deal:

"If you take a Fixed Rate Mortgage and you repay the whole of your mortgage during the Fixed Rate period an Early Repayment Charge will apply. This charge is calculated at 3% of the original mortgage amount during first year of the Fixed Rate period and 2% of the original mortgage amount if the mortgage is closed in any subsequent year during the Fixed Rate period. If you choose to repay your mortgage after the Fixed Rate period has ended, no Early Repayment Charge will apply."


So you DO have an Early Repayment charge if you clear the balance, which isn't great.

Probably better with Coventry BS who have no ERC

Heat added :thumbsup:

Nice rate but low LTV, hence cold from me.

Sorry. Thanks for posting anyway..

I'll get my coat..

First direct
First nightmare
They will want to know how many condoms a month you buy before you get the mortgage

If it's like Hsbc policy ring and ask for a reset of the minimum payment, when I have lump summed in the past the repayment amount changes inline with the new balance and term outstanding.
Therefore if you had £1 balance over 12 months they amend your payment to circa 9p.

no need to ever pay off to be liable to ERCs

For a normal man, who is yet to buy a home in the UK - Is this really achievable ?

[Quote]
Maximum LTV is 60%
[/Quote]

Do people really read before voting hot ???

For a 100k home, you need to have a 40k deposit.

Argh I just went with a hsbc deal without additional overpayments...

If you're on a BOE tracker I'd probably stick with it. On mobile right now so can't check easily, but suspect as with most new mortgages, this will be tracking HSBC's base rate after the offer term.

Also the population and country itself is heavily leveraged. Therefore the proverbial **** will truly hit the fan should there be an interest rate hike. I saythis as someone with net savings, so it's not wishful thinking on my part

What you said!! Absolutely beggars belief to me that idiots vote cold on deals just because they personally can't take advantage of them. Absolutely pathetic.

There should be a course that you have to take and pass before you are allowed to vote on here

What's the problem with a 40% deposit?
So if you are selling and moving, if you are remortgaging or if you have inherited a paid for home (all common enough scenarios) then 40% deposit is no problem.

I fixed with them for 2 year at 2.49 back in April, with a 3% get out option. Pretty miffed.

This is a really good deal. Started a 5yr fix in March at 2.18%, 65ltv. Was happy enough with that but this is a cracker if you can get it, heated

I disagree. It's a general comment on the deal.. nothing to do with whether I like it or not. The fact that such a high deposit is needed makes this deal appear better than it actually is.

With kindest regards..

It only makes it appear better than it is if you don't bother reading the original post - which clearly states the maximum LTV.

That's a bit rude of you.... This deal is not cold it's now above 1k heat. He voted cold, gave a valid reason and even apologised for doing it...

FD , great service , i had a letter from them , after paying some lump sums off my mortgage,

" Dear Sir , we note that if you continue to pay your normal monthly repayment amounts , you will trigger a ERC very soon, please call to discuss this "

I called and got my mortgage payments down to £7.65p a month for the next 18 months to avoid a hefty ERC ,
thanks FD
HEAT !!!!!

And one before you can comment too :angry:

Is this the cheapest 5 yr fix available now? Not long ago 1.35% was available from Atom bank.

Atom deal was excellent but thought it had a £900 fee associated with it.

HSBC cheapest at 1.59 if paying a fee

Who says it was a valid reason? You? Guess that would make you wrong as well then.

But then that would preclude you, and who would we have to correct then, eh?

The point of a vote is that there are two options, and more than one opinion is perfectly valid.
If you think you are in the right talking like that then it just shows how stupid people on here can be and why I felt the urge to comment.

With your 2 deals in 4 years and attitude like that it's no wonder this site has suffered recently.

Have a nice evening..

Great find chanchi. I am still few years away from remortgaging. heat added.

Depends on amount you want to borrow. 1.59%+fee is better if you need to borrow more

The true nature of democracy, everyone gets a vote, that is also the problem

Fair enough, only a small premium to pay for peace of mind.

Just don't understand how people can afford a house. Crazy money. Something will have to give at some point. High inflation, wage growth or price crash. Take your pick.

Just opt to reduce the payments rather than the term when repaying!

Sorry, but if you think that there is any validity in voting cold just because you can't take advantage of deal, regardless of how good it is, then Delusional should be your ID. There is no rational opposing view to that, whatever your brain tells you.

Oh what a surprise, more rudeness.

You are lashing out at people for using the site as it was intended to be used. How about you raise a thread in feedback and suggest removing the cold vote button if it means that much to you, or are you just being a hypocrite because you have nothing else to do?

I will always value other people's right to an opinion, I didn't vote this cold but I disagree with not allowing others to do so...

You are a joke tbh :party:

Nothing rude there, and if you can't take the heat you know the rest. Nothing wrong with the cold vote as long as it is used correctly, something you obviously don't know how to do.

You just keep kidding yourself that you have the first idea of how this system is supposed to work.

Any advice welcome..... I have a 3.39 rate on an 80k mortgage. I'm still on the deal for 2 years and my ERC would be about 2k so the maths say it's not worth it but thanks not taking into account Brexit and what deals may be around when I can switch deals. Wish I taken the 3 years over 5 last time round but it does go to show that a lot can happen in 3-5 years. Any thoughts welcome. Cheers.

Yes, for a normal man, it's very easy.

I bought our home in 2013 with a 90% mortgage with First Direct, we had been declined with others due to "affordability".

Within 14 months, I was paying a massive early repayment penalty to join the 65% LTV 1.24% above base tracker that was advertised on here.

2 years later, our LTV is now 50%.

Whilst the mortgage debt is gradually decreased, the "book value" of the house continues to increase.

On the flipside, we bought our last house with a Northern Rock Together Product in 2006 that was offered at 125% of the house value, we took 100% and when we repaid it in 2006, due to the market and our lack of knowledge with payment holidays we had very little equity. 4 years, later our old neighbours sold their home and if we'd have stayed our LTV would have been around 50% again.

I'm hoping interest rates shoot up soon, thought I was being clever last year going for a 10 year fixed rate at 3.6%, but then rates dropped again.

Still, can borrow all this cheap money and stick in ISAs, savings accounts and p2p lending,and when the base rate gets back above 3% cash in.

any calculator there to check how much would i save a month comparing to my 2.5% deal? thx

Can you combine this with the help to buy

Thanks!

Deek said he uses 0.5 a month.

Ha my mate says if they ask tell them u stick Sellotape on it

Anyone know how they treat self employed people for a mortgage? Is it a big no no?

Interesting

Agreed. They seem to be a responsible lender, in term of the due diligence applied, based on my own experience, and people just don't like that.

([Outstanding mortgage amount] x 0.25) / 12
compared to
([Outstanding mortgage amount] x 0.184) / 12

This would show you roughly the interest paid per month for each rate

First Officer, thanks for the cover, please ignore them. If they understood where i was coming from, he/she wouldnt have commented like that.

Did you not see people's comment on this thread on my comment - doesn't it clearly show people have money and so they have bought hose and so they can be rude. Its all in the game !!!

You are not at all rude mate.. trust me, you are not rude. have some peaceful sleep.

thanks

Great deal. I have just taken the same 5 year fixed with FD but at 1.94%. If you apply to them be prepared to jump through loads and loads of hoops, they don't give out their mortgages easily. I have a 33% LTV and excellent credit scores and it definitely wasn't a walk in the park. So pleased I got it though as now all my finance is with FD. The opportunity to over-pay by any amount is amazing as I will now be mortgage free by the time the 5 year fixed rate is up.

Basically FD are a responsible lender and look after their customers. They don't just hand out mortgages to anyone. That said, if you go for it - good luck :smile:

I am not self employed but my monthly income is variable. They looked at my last 2 years P60 and payslips and wanted a letter from my employer to confirm my employment status. They were happy with that so I would hazard a guess that they would want to see your accounts for the last couple of years. Give it a go, there's no harm in trying. Good luck :smile:

Does a failed mortgage application with FD hit credit score or not?

If you raise interest rates then the pound becomes more appealing to foreign investors/savers. More appealing = more demand for the currency = stronger pound. Stronger pound reduces the brexit caused drop in price & inflation as a result

Atom had 2 deals for a short time (less than 2 weeks). 1.29% with £900 or 1.54% for "£0 fees". I was lucky enough that the end of my mortgage allowed me to get on to it...although I picked 1.29% through calculation error :disappointed: only about £15-25 worse off though

Are there any other lenders that come close on these 2 or 5 year deals?
First Direct sounds like a lot of effort to me :-)

This might help?

Mortgage Calculator: Simple calculator for repayment & interest only mortgages.... - Money Saving Expert

Yep, just over an hour on the phone but with a very amiable lady and time flew by! My last application for a mortgage with HSBC about 4 years ago took over 6 hours of interviews at a branch so an hour on the phone is easy!
Mortgage approved in principle subject to review of bank statements and salary slips.
Heat for the deal

I had no plans to move house but it would be rude not to with this deal.

Well it does state "This appointment takes up to 2 hours" when you look at all the detail info neededi it might take you more than that to gather it.

After reading some posts on here about mortgage applications I was expecting a really long drawn out process when I was applying for a Tesco mortgage last month.

The application took about 15 minutes to fill in online, I then had to send them bank statements, a payslip and my last mortgage statement. Two weeks later I got a phone call saying the property valuation had come back higher then I had estimated and "would I like to increase the amount I wanted to borrow?"

Unfortunately the caveat to this is that you have to either earn £50,000+ p.a. for a single applicant or £75,000+ p.a for joint applicants.

I'm on a 2.39% Fixed with First Direct no fees for 5 years. All outstanding credit cards being paid no missed pay and around 20k debt. Awful I know but I got the deal, go for it

Ended up switching to a 1.49% tracker through nationwide, took me 5 minutes, no fees and I think I may get £100 as they have something on their site about getting £100 if you stay with them. Overall very happy

I called up last Friday for a remortgage and had a 1h initial income and expenditure interview; at the end of the interview was told I passed the initial affordablty and i will be called again in the few days to book an appointment on the phone with a mortgage advisor.
In the mean time i had to scan and send online my 3 months pay slips,3 months bank statements and last 2 years p60. On Monday the mortgage advisor called and booked me in for Wednesday. On Wednesday the advisor called at the right time and and went through my bank statements; it wasn't that intrusive as some have made it out.
Also the value of the property which they used their own system :thinking: to value my property which added another £75k to my LTV
They also wanted to find out what type of product i was looking for and why (2 or 5 or 10 year fix) the second part of the interview was an assessment of what I needed and for them to give their recommendation. The call was around 1h 25m and at the end of the call the advisor. They told me that hopefully I should get a response if i have been approved the mortgage in principal in the next few hours.
An hour later I received a call letting me know that iv been approved subject to the underwriters and that no Survey valuation was needed. That same day i sent a copy of my passport via a web com connected to first Direct via a link they provide.
On Thursday I received the fact illustrations and declaration to sign and send and also my signature for their register:/ . Today i got a copy of my mortgage report and recommendation they advised on the phone and since my product was fee free the advisor also reserved my interest rate on the phone.

And just waiting for the underwriters to complete their side of things. And its only been 8 days from my initial point of contact.

Happy days