I need to be looking into getting me a new mortgage deal in the next week or so as my current setup comes to an end soon.... I have been umming and pondering about the following fixed deal for some time now. As it's such a big commitment I would appreciate any honest comments.

PS don't tell me to ever talk to an 'independent adviser' thing... I have lost far too much money in my time taking advice from them, who are never truly independent they get cash pack from the lenders for pushing products... I hate them with a passion tbh. But anyway back to the product in hand.

Product Details

4.98% Fixed until 31/01/2017

Lender: Woolwich Open Plan Switch & Save
Initial Rate: 4.98%
Type: Fixed
Scheme Duration To January 2017
True cost Over 10 year: £51,390.40
Monthly repayments: £429.92
Portable: Yes
Incentives: The lender will provide free valuation.

Cashback: £200 paid to you on completion.
Early Repayment Charge: 6% of outstanding loan for scheme period

This is the lowest 10 year fix in the UK by some margin; I am with the Woolwich currently so any switching fees are reduced as I don’t need a solicitor to change the product (that I would if I changed lenders)

just umm, 10 years... Not sure tbh. But I feel that the potential for the rates to go up is much greater then to go down, there is only so much they can ever go down anyway...

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Anyone want to chip in? Don't all rush at once!

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hmm, strong silent type huh

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yeah but do you plan on being their that long?
and
does refianancing mean you need to pay the 6% at that time too?

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I can move house during the time, and switch the mortgage to a new house without issues.. I can also raise more cash in the future if I want, but this would have to be with the same lender, and would be on whatever offer they had at the time... So overall, it is flexible as long as I keep the current lending in place..

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sounds pretty good tbh then, im on a 3 year arm at 5 1/4, which ends in 2 years... need to start looking myself soon

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ohh - that would be a change for me in the UK to have found a better deal than the US....

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Trying to compare to the US - found this site...

http://www.bankrate.com/ust/rate/mtg...efi=0&svyList=

What is all the talk of 'points' - credit score?

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I haven't the slightest clue what this is about

So im throwing in a guess here...

Are you mortgaging the house so you can expand it? Build more rooms etc?
or what?

Asir = Smug...

Got the fix = now paying mortgage below BoE base rate

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bind on equip?

(i know really btw)

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Thats a low LOW mortgage, you're a very lucky man. I'm jealous

e.g. I just took out a £226,000 100% Interest Only mortgage. a Mickey Mouse mortgage really.

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-=FarStaR=-
Haze

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Littlun



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Pwnjah

Pwnjoo
Pwnface
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i dont know anything about mortgages but isnt 100% interest really really bad?

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not necessarily. You just get a much higher rate with a 100% mortgage as you basically aren't putting up a deposit. The rate I have got though is comparible with other mortgages, so i got lucky. But a mortgage for £50,000 would be a dream come true

__________________
-=FarStaR=-
Haze

-=Spinebreaker=-
Littlun



-=Twisting Nether=-

Pwnjah

Pwnjoo
Pwnface
Nuk