5 year fixed Mortgage with Coventry Building Society @ 1.99% with no early termination fee. 50% LTV.
Initial Rate: 1.99%
1.99% Flexx Fixed rate to 30.09.22
Followed by 4.24% Followed by Privilege Rate (variable) for the remainder of the mortgage, currently 4.24% Overall cost for comparison 3.40% APRC Max loan to value 50% Product fee £499 No early repayment charge Fixed rate Valuation included
12 comments
kiora_nas
12 Sep 17#11
There also seems to be a no fee 1.99% 5 year fixed fee, but does have early repayment fee.
5.00% of the balance repaid until 31.12.18, then 3.00% until 31.12.20, then 1.00% until 31.12.22
You can repay up to 10% of the capital p.a. without an early repayment charge
HSBC still looks better though
jk1984
6 Sep 17#10
First Direct- part of hsbc are doing a fee saver 5 year fix at 1.84 unlimited overpayments without any penalties...good luck
whatyadoinsucka
6 Sep 17#9
The HSBC deal is portable and has no upfront fee therefore af a lower percentage it's a better deal in my eyes. If you want flexibility an interest rate tracker from HSBC would be a better deal.
At the the current time with Brexit and the low interest rate, the banks need a margin and so I can't see better rates coming up, if you are jumping between fixes and paying upfront fees all the time then you are just lining the banks pockets
ps HSBC is 60% ltv so again suitable to an increased customer base over this deal
kalico
5 Sep 17#4
These rates are great, but often the 'Affordability Criteria' will rule out many who have anything but non-standard lives. Sometimes, you'd be better off working in a McDonalds to get regular PAYE pay, rather than earning £100k from various sources as self-employed. Just another price we all pay for the cock-up of the bankers!
bma1445 to kalico
5 Sep 17#7
Ultimately, it all comes down to risk.
If you were lending money to someone - who would you see as a lower risk - the person who has a stable, steady, pretty much guaranteed income. or the person who earns more, but is self employed, and thus has no legal requirement for sick pay, or even a guaranteed job at the end of the month?
It sucks, but ultimately self employment has always been a marker of higher risk.
bma1445
5 Sep 17#3
HSBC is better at the moment - we got 1.89% fixed for 5 years with no fee.
Insane really.
ouali8 to bma1445
5 Sep 17#5
Yes but what is a.) the arrangement fee and crucially does it allow you to move to another product/company, penalty free, during the fixed term? I think not!
bma1445 to ouali8
5 Sep 17#6
"HSBC is better at the moment - we got 1.89% fixed for 5 years with no fee.Insane really."
The arrangement fee is part of the "no fee" above ;).
And why on earth would I want to move out of a 5 year fixed deal at 1.89%?!
Edit: aprc of HSBC deal is 2.3
ouali8 to bma1445
5 Sep 17#8
The point is if you wanted to move away within your fixed period with HSBC you cant, unless you're happy paying their early termination fee. This clearly may not be suitable for you, but if you wanted the comfort of a 5 year fix, but during this time you wanted the flexibility to move away to a better deal for example, you can.
Kay135 to ouali8
8 Oct 17#12
Early Repayment Fees are standard practise in fixed rates, during the deal period. That's the security the lender has in return for the guarantee the lender gives with the fixed rate during that period.
iamprobably
5 Sep 17#2
Good deal!
We're looking for unlimited overpayments and have the equity... will give them a call.
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Opening post
Initial Rate:
1.99%
1.99% Flexx Fixed rate to 30.09.22
Followed by 4.24%
Followed by Privilege Rate (variable) for the remainder of the mortgage, currently 4.24%
Overall cost for comparison 3.40% APRC
Max loan to value 50%
Product fee £499
No early repayment charge
Fixed rate
Valuation included
12 comments
So £499 if you want no early repayment fees or £0 if you don't mind
coventrybuildingsociety.co.uk/con…tml
repayment fees
- 5.00% of the balance repaid until 31.12.18, then 3.00% until 31.12.20, then 1.00% until 31.12.22
You can repay up to 10% of the capital p.a. without an early repayment chargeHSBC still looks better though
At the the current time with Brexit and the low interest rate, the banks need a margin and so I can't see better rates coming up, if you are jumping between fixes and paying upfront fees all the time then you are just lining the banks pockets
ps HSBC is 60% ltv so again suitable to an increased customer base over this deal
If you were lending money to someone - who would you see as a lower risk - the person who has a stable, steady, pretty much guaranteed income. or the person who earns more, but is self employed, and thus has no legal requirement for sick pay, or even a guaranteed job at the end of the month?
It sucks, but ultimately self employment has always been a marker of higher risk.
Insane really.
The arrangement fee is part of the "no fee" above ;).
And why on earth would I want to move out of a 5 year fixed deal at 1.89%?!
Edit: aprc of HSBC deal is 2.3
This clearly may not be suitable for you, but if you wanted the comfort of a 5 year fix, but during this time you wanted the flexibility to move away to a better deal for example, you can.
We're looking for unlimited overpayments and have the equity... will give them a call.
Thanks