Best current mortgage deals?

[VeronaSeagull]

I'm looking at buying for first time.....Seems that Yorkshire building society is offering best fixed rate mortgages for 2 years at 4.99% with a 15% deposit....can anyone beat that for a 15% deposit that anyone knows of?

 

[Uncle Spielberg]

PM me.

 

[VeronaSeagull]

says your inbox is too full to accept a PM

 

[acrossthepond]

I'm looking at buying for first time.....Seems that Yorkshire building society is offering best fixed rate mortgages for 2 years at 4.99% with a 15% deposit....can anyone beat that for a 15% deposit that anyone knows of?

SNB

0.85% LIBOR based variable rate - but you have it live in Switzerland....

 

[Springal]

I've been on a tracker, 0.4% above base rate, taken out 2 years ago before it all went tits, been paying £97 a month (interest only) for last 14 months. Deal is almost up, but found an 'existing customer' deal at RBS (who i am with) 4.1% 2 year fixed rate, on 90%. Seems I got in just in time.

 

[Uncle C]

This is a myth. The mortgage book in the UK is very healty and past 90%, 95% and even 100% mortgages have a very low default and repo record. The problem came from unregulated 95% self cert mortgages in the USA where anyone who could get a 5% deposit together could get a property and meant cleaners on £ 10k a year if they had an inheritance of £ 50k could get a mortgage of £ 1 000 000 in reality regardless of their ability to actually pay the mortgage in the future, this is a simplification but by and large the lending in the country has always been responsible by and large.

I agree that the UK was not the main culprit in the sub prime lending, but once this election is out the way, the smoke and mirrors will be removed to reveal what an absolute mess this country is in.

Unless you have been directly affected by unemployment then most people in the UK are still wondering what all the fuss was about with the recession.

Interest rates to rise, pensions in a right old mess, massive personal debts etc etc.

Wait for the new era of austerity to click in and public awareness will be jolted into reality.

 

[Uncle Spielberg]

I'm looking at buying for first time.....Seems that Yorkshire building society is offering best fixed rate mortgages for 2 years at 4.99% with a 15% deposit....can anyone beat that for a 15% deposit that anyone knows of?

That is the best rate on the market, direct only.

 

[VeronaSeagull]

Great! cheers. Speaking to them tomorrow, fingers crossed

 

[Uncle Spielberg]

I've been on a tracker, 0.4% above base rate, taken out 2 years ago before it all went tits, been paying £97 a month (interest only) for last 14 months. Deal is almost up, but found an 'existing customer' deal at RBS (who i am with) 4.1% 2 year fixed rate, on 90%. Seems I got in just in time.

You could have not got better on the market.

 

[beorhthelm]

Alas no. The main block on this happening is the FSA who want to make it MUCH HARDER to get a mortgage.

i think that over-dramatises it a tad, they just want to be seen to do something. i recall its was seen for that and kicked into touch, with no decision likly this side of the election.

something will be done though. while historically we might have been quite sensible, fact is there were far too many lender in this country chasing / creating market share. 125% is only a good idea if you believe prices will rise strongly forever and self certs were completely unregulated (where as previously, your point comes to the fore, the banks self regulated themselves). but then they also need to regulate the CDS instruments too, you shouldn't be able to insure a liability that isn't yours.

 

[Brighton till i die]

cheers US

so, if i go interest only, can i pay a bit more every month to knock money off my actual mortgage? or is it better to go repayment if i want that?

 

[Uncle Spielberg]

I agree that the UK was not the main culprit in the sub prime lending, but once this election is out the way, the smoke and mirrors will be removed to reveal what an absolute mess this country is in.

Unless you have been directly affected by unemployment then most people in the UK are still wondering what all the fuss was about with the recession.

Interest rates to rise, pensions in a right old mess, massive personal debts etc etc.

Wait for the new era of austerity to click in and public awareness will be jolted into reality.

My income is 1/4 of what is was historically so think people on pay freezes need a reality check personally if they think thats tough.

 

[Uncle Spielberg]

cheers US

so, if i go interest only, can i pay a bit more every month to knock money off my actual mortgage? or is it better to go repayment if i want that?

May as well go for the discipline of a repayment mortgage imo.

 

[Brighton till i die]

May as well go for the discipline of a repayment mortgage imo.

thing is the repayment option is about £350 more than the interest only.

i was thinking about paying about £200 on top per month... worth it?

 

[Uncle Spielberg]

i think that over-dramatises it a tad, they just want to be seen to do something. i recall its was seen for that and kicked into touch, with no decision likly this side of the election.

something will be done though. while historically we might have been quite sensible, fact is there were far too many lender in this country chasing / creating market share. 125% is only a good idea if you believe prices will rise strongly forever and self certs were completely unregulated (where as previously, your point comes to the fore, the banks self regulated themselves). but then they also need to regulate the CDS instruments too, you shouldn't be able to insure a liability that isn't yours.

No, the fsa's proposals are in a " discussion" timescale but everyone knows they will do exactly what they want and ignore everyone anyway. They are the Brian Clough " we will sit down discuss it and agree we were right all along " personified. They are now trying to play the tough guy when the market has already corrected itself anyway and are proposing a raft of new legislation, rules and paperwork to justify their jobs and this comes from an orginisation who regulated mortgages since 2004 and did NOTHING to stop 125% mortgages from 2004-2007 and awarded themselevs recently with millions of pounds of bonuses for their staff for the wonderful jobs they have done not to mention getting a loan of £ 200 000 000 from a bank they are supposed to be regulating.

 

[Uncle Spielberg]

thing is the repayment option is about £350 more than the interest only.

i was thinking about paying about £200 on top per month... worth it?

your broker needs to advise you as I cannot do with without having a full fact find and any info I have given is generic.

 

[Uncle C]

My income is 1/4 of what is was historically so think people on pay freezes need a reality check personally if they think thats tough.

Agreed, but just look at whats happening in BA, the railways, the post office etc. People just dont get it.

Worse still are the General Strikes in Greece cause they dont like the measures their government needs to take to get out of the mess.

Greece today, but coming to the UK soon.

 

[Uncle Spielberg]

thing is the repayment option is about £350 more than the interest only.

i was thinking about paying about £200 on top per month... worth it?

your broker has been upfront and honest with you about the best deals which are direct so I think you should go with him and pay him a fee for his help.

 

[Uncle Spielberg]

Agreed, but just look at whats happening in BA, the railways, the post office etc. People just dont get it.

Worse still are the General Strikes in Greece cause they dont like the measures their government needs to take to get out of the mess.

Greece today, but coming to the UK soon.

I agree I belive there are millions of people who are now much better off with the recession and credit crunch if they are employed and getting the same wages. As I said the people who have suffered have been the self employed and those laid off.

 

[Brighton till i die]

your broker has been upfront and honest with you about the best deals which are direct so I think you should go with him and pay him a fee for his help.

thank u mate really appricate it