View Full Version : 2 year fix deal over....Remortgaged
My 2 year fix with the Nationwide [ex-Portman] is up at the end of May so I was about to start shopping for a replacement.
Unlike the Portman Nationwide don't seem to offer another special deal.
All the deals are disappearing thick and fast! Best I saw was this (http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170921595458&pagename=CB%2FPage%2FtplStandard&loc=l) 2 year tracker from Co-op but I am not sure if it has been one of the ones withdrawn and is already not as good as it was over the weekend!
for a ~£60k mortgage [~£180k property value].
Anyone got any other recommendations?
On the BBC news they said it was the 2-year fixed that was withdrawn.
Yeah, trackers and long term fix should stay, the long term fixed rates are high and the banks know they will make money from that!
That's not a bad tracker really but the 999 quid app fee puts me off.
which £999 fee? it is fee-free :?:
EDIT: I see what you mean. I meant the one below. No way I would recoup that fee for a mortgage of my size!
I presume you are already a Co-Op account holder then? That is only for them that I can see?
if you are switching your existing mortgage to us, we'll also pay your standard legal fees and basic valuation fees for you if you use our recommended solicitors and surveyors.
You don't have to be a customer, only a member of the Co-OP which I think I have since Uni days for £0.01 [have to dig out the card].
If not it says at the bottom you can still join online
craig1912
03-04-2008, 08:48
Nationwide have some deals here
http://www.nationwide.co.uk/mortgage/existingcustomers/intro.htm
Not sure how competitive they are.
As I said, I am with the Nationwide already [they took over Portman]. Sent a leafleft of their deals and frankly none that particularly competitive
Nationwide have some deals here
http://www.nationwide.co.uk/mortgage/existingcustomers/intro.htm
Not sure how competitive they are.
Those are very uncompetitive I think? Mostly long term high fixed rates. These are good for banks but bad for borrowers really!
if you are switching your existing mortgage to us, we'll also pay your standard legal fees and basic valuation fees for you if you use our recommended solicitors and surveyors.
You don't have to be a customer, only a member of the Co-OP which I think I have since Uni days for £0.01 [have to dig out the card].
If not it says at the bottom you can still join online
Just noticed the small print:
*This product is open to existing Co-operative members. However, non-members can still apply for this mortgage providing they sign up for membership at the same time by calling 0845 0901 456 or joining online
:thumbs: Seems ok then, doesn't specify how much of an overpayment you can do though? Did you find out if its still a running deal?
Derbyshire said they will have new deals live from tomorrow which will also include at least one new tracker too.
apparently so.
It is a tricky course to navigate. Reflex reaction is to grab any current available decent loooking deal as they'll all go BUT as you say some will put live deals to grab this excess market.
I will do a hunt around on the weekend and update this thread. Would appreciate similar updates from yourself and anyone else interested.
http://www.thederbyshire.co.uk/mortgages/existing_borrowers/variable_rate.aspx
Those are the new Derbyshire deals, but not as good as the old ones. the best of the bunch that I see there is:
'Deal for life' flexible tracker For the term of the mortgage
6.00% (0.75% above 'Bank Rate')
No application fee
No early repayments
Unlimited overpayments
Underpayments and Payment holidays allowed
Will be ok if the BofE drop the rates next week.
I will be travellign all next week so cannot do anything about it next week, hopefully more deals will release over the next week.
Weird, The Derbyshire now have no mortgages on their site :eek:
We are currently reviewing our Existing range, we will have a new range of products available soon.
I rang them, they said they have no deals to offer at the moment and they are waiting to know what the new ones are too! :suspect:
Spooky_uk
04-04-2008, 13:55
ours with the Halifax ended at the end of March. Had the broker around (friend of family so trustworthy) and best bet was to go with a short term tracker in the current climate. the best product was still with the halifax and you could transfer fee free if you already had a halifax product.
some of the deals were close but when you took into account the arrangement/transfer fee they worked out more.
here's hoping the market is in better shape March 2010 :help:
HBOS (Halifax) are offering new products from Monday according to the news, with better rates for those with 75% or less LTV so may be interesting, but most of their deals ahve substantial fees associated :|
http://news.bbc.co.uk/1/hi/business/7330207.stm
Spooky_uk
04-04-2008, 14:22
forgot to add that it has still gone up £60 a month, but the increase and fees with other lenders meant it would have worked out more of an increase per month.
:(
2 year tracker appears to hav ebeen withdran; only 3 year one which offers £1k back after completion [I don't understand that!]
not much promising elsewhere so far.
I note HBOS also offering new rates Monday
That co-op with 3 year tracker is looking good if the BofE drops their rate next week! I unfortunately am going to be travelling next week so will not be able to progress a mortgage, but may go for that one when I get back if its still there and the BofE have dropped their rates another .25%.
Would still love for first direct to start taking new apps again though!
True but did I read it correctly: no fee and they refund you £1k on completion? Is that in lieu of valuation etc?
If you have a First Direct account you can get the following:
5 year fixed rate offset Mortgage
5.29% for 5 years, reverting to our standard variable rate for the remaining term, currently 6.25%.
The overall cost for comparison is 6.1% APR.
(arrangement fee £299 / fixed offset Mortgage booking fee of £299)
10 year fixed rate offset Mortgage
5.49% for 10 years, reverting to our standard variable rate for the remaining term, currently 6.25%.
The overall cost for comparison is 5.9% APR.
(arrangement fee £299 / fixed offset Mortgage booking fee of £299)
Although only available to FD customers
True but did I read it correctly: no fee and they refund you £1k on completion? Is that in lieu of valuation etc?
That is correct, weird one and seems quite good because of it. Certainly a contender for me :thumbs: (probably means it will be withdrawn now or there will be some weird clause)
Dave h-j
05-04-2008, 16:49
True but did I read it correctly: no fee and they refund you £1k on completion? Is that in lieu of valuation etc?
Hmm APR is 7% which tells me that there are some costs somewhere - so perhaps there is a mistake in the figures.
Also you should be aware of the early repayment charges into the 4th year - as this is a variable mortgage then you could find yourself in a sticky situation if rates go up and the only option would be to buy yourself out. That could be costly....
Hmm APR is 7% which tells me that there are some costs somewhere - so perhaps there is a mistake in the figures.
Also you should be aware of the early repayment charges into the 4th year - as this is a variable mortgage then you could find yourself in a sticky situation if rates go up and the only option would be to buy yourself out. That could be costly....
The APR is 7% because its only low for 3 years and their SVR is high (over 7%).
As for lock ins after the 3 years, that is something I would want to find out too! Also what level you can overpay in those first 3 years.
Dave h-j
05-04-2008, 19:55
Ah - ok.
After three years you'd want to get out at the SVR is crazy - within 3 years
early redemption is 4%/3%/2% each year reducing. A 60k mortgage in year three it would be just over 1.2k - and you would need to factor in any booking fee for the new mortgage too..
I've been a co-op bank account holder since I was 16 (co-op and smile) and I've found them to be really good. In the times I've had to call them (usually becuase of my mistake) they have been helpful. I think they are one of the best banks, but their ethical stance means that products are usually less competitive than others..
that co-op one is still available :clap: but only allows 10% overpayments per year :mad: So not really any good for me as I want to pay way over 10% extra per year :( Their lifetime tracker is flexible but has a 699 quid application fee :|
Back to the drawing board it seems
cjanderson
07-04-2008, 16:29
overpay more than 10% AND your 7.2k isa allowance? i've always considered money into cash isa's and even tracker equity isa's as (long term overpayments (and set up a pension if not done already :D)
Yes much more than 10% if I can, that's only 9.3k in the first year for me (93k mortgage) and I planned on dumping maybe 1k/month extra into it at a minimum and maybe a lump sum payment later in the year of 30k (loan from mum to reduce mortgage overheads - paid back at end of mortgage in a few years).
I only have cash ISA's and not equity ones (too risky at the moment ;) ). Need to setup a pension that will sap some income, but also reduce my tax risk (where is a good place to start there?).
I am thinking maybe the ING Direct one at 6.09% as that has no fees and no ties, but of course its a SVR and not a tracker... Ideally I would find a fee free tracker with no tie ins (so when the rate goes back up I can jump ship to an offset).
I cannot find an offset which is what I really wany so I'm stuck there :|
cjanderson
07-04-2008, 16:54
not too risky if you think 20-30 years :D but each to their own :)
good place to start on pensions? i've always gone with whoever work recommended but set up first one by going to see an IFA (in branch at Bradford and bingley) and asking them. would be investing in shares again though so risky :D
now the company do some cool salary sacrifice system whereby i take a paycut, they pay my pension and they save NI (and pass that saving onto me as extra pension payments)
I have no works pension on offer, so can't start there, and no matching if I get a personal pension (well there is but I have to give up my healthcare - which based on tax and possible cheapness of private healthcare I will have to weigh up)
I could possibly persuade my company to do a similar scheme I guess, but not sure.
Because pensions have been in the stock market I have not bothered recently (really should have done it 10 years ago, not at 31!), so I've been putting money to mortgage overpayments instead, but because of my current tax coding I'm substantially into 40% bracket so maybe a pension makes sense even if it does not make much?
cjanderson
07-04-2008, 17:06
definatly beneficial at 40% bracket, costs you £60 for each £100 in. so your £60 mortagge overpayment would have to save a lot of interest to beat the £100 going into the stock market.
and they do have very safe funds for the cautious investor (and in the last 10 years of pensions, must start to transfer your funds into safer investments so you don't get a sudden last minute drop)
even if its only £100 or £200 a month its worth getting it done NOW. else it just gets put off.
I would have to see what my company will do for matching if I drop my private medical (and see how much that costs seperately)
As for mortgages:
http://www.westbrom.co.uk/westbrom/mortgages.product?id=1391&insearch=true&changingproduct=&category_id=46
Seems tempting,
Bank Base Rate + 0.25% for 6 months, currently 5.25%, followed by Bank Base Rate + 0.75%, currently 6.00% variable. The overall cost for comparison is 6.2% APR
Refunded Valuation Fee (up to £350). Free Loan Protection insurance for 6 months
Fees free legals for remortgage cases (restrictions apply)
Flexible features - daily interest, overpayments, underpayments and payment holidays
Family Offset feature - can now offset savings accounts belonging to your family
You must have a linked Mortgage Savings account with the Society. Read our Guide to Offset Mortgages for more details.
The overall cost for comparison is 6.2% APR
Start Rate 5.50% Variable
Max LTV 95%
Compulsory Insurance None
Early Repayment Charge Interest to the end of the month in all cases plus, during the first 12 months, 1% of amount to be repaid.
Flat Arrangement Fee £199
Minimum Loan £25001
Maximum Loan £500000
Interest Type Daily
Seems like it could be a good half way point? Offset via savings instead of current account (so say 3 days to get at money and put money in) but still a decent rate and low application fee?
HSBC Life Time Tracker:
No application fee
5.99% (Base Rate + 0.74% for term)
Interest Type Variable
Maximum Loan To Valuation (LTV) 90%
Is interest calculated daily? Yes
Can I make unlimited lump sum payments without incurring a fee? Yes
Can I make unlimited overpayments without incurring a fee? Yes
Is there an Early Repayment Charge? No
Is there an extended tie-in period? No
Is there any exit fee? No
Can I 'Port' my loan if I move home? Yes
Can't see any new stonking HBOS ones.
That 3 year COOP tracker at BOE+0.54% still seems best
will call them tomorrow for more details
None of the HBOs ones ar eany good, the IF ones still have crazy high application fees. The co-op one is great as long as you do not want to overpay more than 10% a year.
The co-op one looked good so i gave them a ring.
The problem with it is its a "home mover" mortgage. If you are not moving house you cant have it.
All they offered me was the lifetime tracker, so not so good.
i went for a 5 year fixed rate with the Chelsea, no set up fee, cant remember the exact rate, but wasn't too bad. Was for a damn site more than 60k tho :(
The co-op one looked good so i gave them a ring.
The problem with it is its a "home mover" mortgage. If you are not moving house you cant have it.
All they offered me was the lifetime tracker, so not so good.
Bugger. That is exactly the reason I was calling to confirm too:(
Oh well back to the hunt chaps :|
See the ones that I have posted, there are some decent ones out there from HSBC and West Brom
Best i can find for myself is the Woolwich lifetime tracker.
Its BOE +0.74 with no fees. But you can only borrow up to 60% of your house value to get that rate, and borrow at least 50k.
I never asked about over paying though. I will have a look at the quote when it arrives.
I am on a fixed at the moment at 4.2% so the rates are a kick in the bottom at the moment. I don't fancy being locked in too long, this credit problem cant last forever (can it?), and rates look like they will go down soon.
Best i can find for myself is the Woolwich lifetime tracker.
Its BOE +0.74 with no fees. But you can only borrow up to 60% of your house value to get that rate, and borrow at least 50k.
I never asked about over paying though. I will have a look at the quote when it arrives.
.
Thats the one I'm thinking of signing up for on Friday. When I had the chat and quote yesterday there was unlimited overpayments with no penalty - just a £275 fee for finishing early, whenever that was for the life of the term. Works for me as I only need to borrow 40% of the property value.
Dave h-j
08-04-2008, 16:58
Best i can find for myself is the Woolwich lifetime tracker.
Its BOE +0.74 with no fees. But you can only borrow up to 60% of your house value to get that rate, and borrow at least 50k.
I never asked about over paying though. I will have a look at the quote when it arrives.
You can overpay any amount at anytime.
To get around the 50k minimum, I just whacked the excess back into the mortgage the day after completion. It was just under 8k and no one said a word (in fact the advisor suggested it)..
Arthur Fowler
08-04-2008, 17:41
Just looking at the Woolwich site - it looks to me like Barclays rate + 0.74 not BOE rate plus 0.74.
http://www.woolwich.co.uk/mortgages/compare-our-mortgages.html
Could someone confirm I've not missed something?
It is Barclays rate. currently 5.25%
Arthur Fowler
08-04-2008, 17:54
Sorry for being thick, but other than the Final replayment charge, which of these would I have to pay for a remortgage on an existing property?
Fees payable to Woolwich
Valuation fee (payable when you submit the application and refundable
before the valuation is carried out). Where we have agreed that you can make
your own valuation arrangements, this valuation fee will not apply.
£505
Completion Fee (payable on completion and non-refundable). £35
Final repayment charge (payable on final repayment of the mortgage and
non-refundable). The figure quoted here is the current fee and may be subject
to change in the future.
£275
Other fees
A non-refundable legal fee to your Conveyancer before the loan starts. The
figure quoted here is an estimate - the total fee for the conveyancing may be
higher.
£144.75
A non-refundable Land Registry fee must be paid to your Conveyancer before
the loan starts. The figure quoted here is an estimate - this fee may be higher.
£70
I asked about the fees, the guy said the only fee was the completion fee (£35).
I didn't notice it that it was not tied to BOE base rate, just wondering if the Barclays rate will follow the base rate fairly closely or not.
Anyone already with a Woolwich tracker care to comment?
cjanderson
08-04-2008, 20:03
had one for the last year, they have followed every rate change up and down using the exact same amount of increase and decrease.
I paid £35 for the transfer fee (as thats for the deeds or something) and the rest was legal and valuation free. but it may have changed now.
Dave h-j
08-04-2008, 20:11
I have a woolwich/barclays mortgage which I took out in June last year. This was a remortgage.
There are no fees (except the £35 completion fee which is removed from the loan amount) although I don't remember getting charged this on a remortage. However you definately get charges that if you are buying a new house cos it's in my letter from them.
The rate is the Barclays Bank rate, but this follows the BoE rate:
Barclays Bank Base Rate: Barclays Bank Base Rate follows the Bank of England Base Rate, which can go up or down and is announced by the Bank of England's Monetary Policy Committee every month.
The reason it's deifferent is that the rate won't change until the beginning of the month following a rate change. So if the rate goes down on Thursday, my mortgage won't go down until 1st May. This is probably why it isn't quoted as the BoE rate (plus it makes it easier for them to change the Terms I suppose)..
To Arthur Fowler: Apart from the £275 (which is the exit fee for repaying the whole of your mortgage off) those fees are the example ones when you move house that you may need to pay through your solicitor (survey, land register fees, etc). If you are just remortgaging, then these will not apply.
I need 64% at a guess, but how do you value you house to know for sure?
cjanderson
08-04-2008, 20:25
you stick down what similar houses are on the market for at findaproperty.co.uk - thats what i did. not sure if they really check if its borderline. I don't remember a surveyor coming out but they may have. actually yes they did. 10 mins one morning.
Arthur Fowler
08-04-2008, 21:51
To Arthur Fowler: Apart from the £275 (which is the exit fee for repaying the whole of your mortgage off) those fees are the example ones when you move house that you may need to pay through your solicitor (survey, land register fees, etc). If you are just remortgaging, then these will not apply.
Thanks Dave.
Our loan will be 60% based on what we paid for it two years ago, so should be ok for these deals.
The 3 yr fixed at 5.29 works out pretty well (£100 less than the previously mentioned lifetime tracker), but we would be trapped in with a very hefty charge to get out if the rates go down during the three years.
Quite encouraged actually by these Barclays deals. Mrs F might take some persuading though as we had real trouble with Barclays when we wanted to move house and were completely stuffed with early repayment fees before.
you stick down what similar houses are on the market for at findaproperty.co.uk - thats what i did. not sure if they really check if its borderline. I don't remember a surveyor coming out but they may have. actually yes they did. 10 mins one morning.
There is a huge variation there. Some are going for barely more than I paid 3 years ago ( :| ) and others are up 25k on what I paid (the closest one to me is up for 26k more than I paid and is an identical build). The last one to sell in my street was last Nov and went for just 11k more than I paid and is very similar but lacks my conservatory. So I have no idea other than knowing I bought near the top of the market :mad:
I think I'll just go for the West Brom deal, I can cope with the 200 quid application fee for the added benefit of the offset feature, just need to check I can pay in electronically and how easy it is to withdraw over the phone as my closest branch would take me around 45 minutes to get to!
http://news.bbc.co.uk/1/hi/business/7337861.stm
HSBC will offer to match your current fixed rate for 2 years, but there are fees (and not disclosed yet!)
anyone know of any competitive offset mortages?
I have been thinking that as the mortgage is a relatively small one and I have about 1/6 of its value in ISAs already why not get an offset then try to reduce the mortgage asap rather than "save" in the interim?
Take a look at the on I've just gone for:
http://www.westbrom.co.uk/westbrom/mortgages.category?id=46
Seemed ok for me, I applied this week and just waiting to hear back from them.
Nice one - worth exploring. No fee and I can slap my Isas all into that saving account.
Not as elegant as the IF solution of "jars" but no £1.5k fee either!
cjanderson
12-04-2008, 11:39
don't offset the isa's. its easy to find an isa account paying more than mortgage costs of 5,5%.
Yeah, would not offset the ISA, I still have my ISA and fill it every year to the max as they are tax free and so pay mroe than the mortgage rate right now. I will be offsetting all other savings though against it!
There is a fee, but its only 199 and not payable until completion (and should be you stupid enough can be added to the mortgage).
Application process was painless so far, but still waiting for them to contact me back on next steps.
As you say not as good as the IF one but without the fees, not as goof as the First Direct one (but is available at least!) and better rates than all other offset accounts.
Just out of interest (And before I ring them to have the discussion!) I was fortunate enough to agree the First Direct 5 year deal at 4.99% but will not be drawing it until end of June as I am currently tied in to my Woolwich deal.
The dilemma though is that FD were also offering 10 years at 5.25% at the same time and I am just wondering whether it would be worth some negotiation to see if they would allow me to take on the 10 yr deal instead of the 5 (I know it will cost a little more assuming they allow it but do you think it is worth asking to change for the long term security or enjoy the 4.99% and hope in 5 years this whole rough patch will have ironed itself out?
Just looking for any opinions as I know no-one has a crystal ball (oh and do you think FD would play ball on the swap too?)
Not sure I would dare lock in for 10 years, but that is up to you. Unless your mortgage is massive then I would not as the FD is an offset so you can overpay a lot in those 5 years and then maybe have a tiny mortgage at the end of the fixed rate?
Well after alot of humming and hawing and considering the Woolwich BOEBR+0.74% no fee tracker; the Egg Lifetime No Fee Offset Tracker [BOEBR+0.75%] and the your WestBrom one...
Egg looked great until I say that Legals cost about £500!
In the end I decided to go with WestBrom - who are due to phone me tomorrow to do the application form over the form...
Will shove my Egg and other none-ISA savings into that savings account to offset.
I just did my app online, was painless enough. They sent around the valuer yesterday who promised to send in valuation yesterday afternoon, and they should have all my paperwork now so I am expecting a formal offer very soon if all goes well :) Have been a pleasure to deal with so far.
I didn't see the option to apply online. If they don't call then I will do that over lunchtime...
After you get your key facts online you can then apply using that. Was very easy as long as you have all your details with you on current mortgage etc.
All sorted. I am impressed so far. Rang back bang on time and was very helpful and friendly.
She was confident it would all be at completion stage by the time my current deal finishes on 31st May.
Can make 10% per year overpayment and there is a 1% penalty for early repayment in the 1st year only so that is also very flexible alongside the offset nature.
I am also intrigued to see that due to the different way they and Nationwide calculate interest between the 2 products, my monthly repayment will go down despite the interest rate going up to 5.25% vs 4.99% and it will be the same as it is now when interest rate goes up to 5.75% [assuming no BOEBR cuts in the next 6 months].:thumbs:
Pity we didnt have anyone on here offering up their details to claim the £100 referrer fee.
Its actually 10% overpayment in the first year and then unlimited after that :thumbs: I got that from my mortgage handler there when I asked.
In the first twelve months you can make overpayments of up to 10% of the mortgage balance, anymore than this would incur a 1% early repayment charge. Thereafter there are no early repayment charges.
Indeed. After all it would be impossible to pay off without penalty "anytime after the 1st year" if you were limited to 10%....although admittedly I had to think about it for a bit!
Seems we did well to get the application in, they seem to have withdrawn it now! Hopefully we are both far enough through to be ok though :)
Arthur Fowler
25-04-2008, 11:54
Still thinking about mine (end June expiry on existing).
Decided to go fixed rate as we can't really afford for the rates to go up too high on such a huge mortgage. Looking at fixing for 5 years. Nationwide who we are with at the moment can only do 6.15% (no setup fee).
Halifax do 5.69% + £999 or 5.74 + £499. They also do a stepped rate which is interesting:
4.79% fixed until 30/06/2009
5.79% fixed until 30/06/2011
6.49% fixed until 30/06/2013
+ £799 fee.
Think we need to sort it out pretty soon, but interesting that some providers are removing the better rates, but these from Halifax are new ones.
cjanderson
25-04-2008, 12:09
chap i hang with has gone for this one - first direct lifetime tracker + .34% over base rate, £399 fee. seems a pretty good deal to me.
http://www.firstdirect.com/mortgages/lifetracker-overview.shtml
Arthur Fowler
25-04-2008, 12:17
Looks good CJ. Seems you have to have a firstdirect current account and have your wages paid into it. Would be tempted at that rate, but pretty much decided on going fixed rate.
Seems we did well to get the application in, they seem to have withdrawn it now! Hopefully we are both far enough through to be ok though :)
I blooming hope so - not received my paperwork yet....
chap i hang with has gone for this one - first direct lifetime tracker + .34% over base rate, £399 fee. seems a pretty good deal to me.
http://www.firstdirect.com/mortgages/lifetracker-overview.shtml
Also FD are now quoting 12 weeks to process new applications so if you need a new deal soon def don't hang around!!!!
Arthur Fowler
25-04-2008, 16:29
Still thinking about mine (end June expiry on existing).
Decided to go fixed rate as we can't really afford for the rates to go up too high on such a huge mortgage. Looking at fixing for 5 years. Nationwide who we are with at the moment can only do 6.15% (no setup fee).
Halifax do 5.69% + £999 or 5.74 + £499. They also do a stepped rate which is interesting:
4.79% fixed until 30/06/2009
5.79% fixed until 30/06/2011
6.49% fixed until 30/06/2013
+ £799 fee.
Think we need to sort it out pretty soon, but interesting that some providers are removing the better rates, but these from Halifax are new ones.
Just found that Abbey are doing 5 year fixed at 5.31 + £1000. Going to speak to them about it tomorrow, it seems to be a lot cheaper than the next best that I've found. £100 a month cheaper than the Nationwide one! :eek:
Also FD are now quoting 12 weeks to process new applications so if you need a new deal soon def don't hang around!!!!
And you still need to be banking with them already to apply!
cjanderson
26-04-2008, 08:28
well bank with them in as much as have salary paid into them. or £1000 a month. Easily arranged.
think when i have applied for populare deals they have taken about 3 months to go through, you really do need to apply a while before the last deal runs out (most offers valid for 6 months anyway once they have been agreed)
What I mean is I think you already have to be a customer?
Sorry, owing to unprecedented demand, we have decided to temporarily withdraw offering our mortgages to non customers. We will be back offering great rates to everyone as soon as possible. We will continue to progress all existing mortgage requests from new customers
cjanderson
26-04-2008, 12:21
can't you quickly apply for a current account and then apply a week later for the mortgage? could work.
Probably will not, I imagine they are only allowing people who have held the account since before they made that announcement?
i've just gone for an hsbc lifetime tracker.
.48% above base, £599 booking fee, but all remortgage fees covered.
seemes like the best deal out there to me and i bank with them so should go through easy enough
spoke with WB.
Told not to worry about the paperwork as it can take upto a week with the underwriters.
Also assured that as the application form has been completed the rate is reserved even if withdrawn from the market [phew(ish)]
:clap: No idea how far through mine is, I've had my valuation etc but I'm away at the moment so have my sister checking my post every few days.
Not been asked what date I want it to start from yet, I presume that will happen when the assign a solicitor to deal with the mortgage after the official offer is recieved.
probably although I was told [despite my application much after yours] that A 1st June start date [when my old deal finishes] is no problem at all.
Mine will be July 1 start date so I'm sur eI'll be ok presuming all the credit checks etc come back ok. Need to figure it out as I need to put some personal cash towards it too as borrowed less than my outstanding balance!
Not sure I have thanked you for unearthing this little gem: so Thanks!:thumbs:
No problem :) I was impressed at finding it myself as it was not showing up on any of the mortgage comparisson sites etc and was just lucky to wander accross it when looking at another deal they had.
Arthur Fowler
30-04-2008, 11:33
Just found that Abbey are doing 5 year fixed at 5.31 + £1000. Going to speak to them about it tomorrow, it seems to be a lot cheaper than the next best that I've found. £100 a month cheaper than the Nationwide one! :eek:
Looks like I MIGHT have got in just in time. The rate has gone from their website and is now much higher.
Spoke to their arranger at the weekend and set up the start of an application. Hit the rocks last night when as part of the next stage I was told that I had to have another product with them (first time it had been mentioned :mad:). But they reserved the rate for me while they decided whether our cahoot accounts counted as valid additional Abbey products. Heard back today that they do, so should be going ahead with it as long as my next call with them on Friday goes ok.
Fingers crossed.
Seems my mortgage is progressing ok, only issue is they could not setup the Direct Debit for some reason! They know the details are correct (they have my bank statement) but it was rejected. I have loads already setup so know I can accept them :D They are going to try again and then get my offer to me asap :) Was a bit of a delay as I had to wait for my bank to mail me a statement!
I just printed-off the online statements. I asked if that was okay and was told it was.
I am WAY behind you as I only mailed in the docs yesterday. Not even had the valuation yet
The online statements did not have my name on them so were not usable for them as they could not tie them back to me. This is Cahoot so I had to pay a fiver for a real one :(
Valuation and everything for me is done, as soon as they sort out the DD I'll get my offer she said, was hoping to do it today so I can sign before I go away for 5 weeks! Then just need to give solicitors the details of the date I want to do this and they will take it from thre and let me know what I need to pay (as my remortgage is below outstanding balance I believe).
Arthur Fowler
13-05-2008, 20:31
My Abbey one is going through. They didn't want proof of identity, or income. In fact haven't had to mail anything to them yet! :thumbs:
Valuation is being done next week.
That's a little weird unless you already bank with them?
Arthur Fowler
14-05-2008, 11:52
We have Cahoot accounts with them, so I guess they were able to do some identity checking through that, but it wouldn't have given any proof of income or outgoings as we only have some infrequently used savings and loan accounts.
It's a good job for the cahoot accounts as it wasn't until we got past the first couple of phone calls that they "mentioned" that we needed to have one of a specific set of Abbey accounts with them. Wasn't impressed by them not having made this clear from the outset, but after some tooing and froing, they agreed that the Cahoot stuff would count ok as other Abbey accounts despite it being a separate subsidiary.
Yeah, same company so can probably just access your accounts? Would have expected them to ask for P60 though!
Just got the forum to open the offset savings account today, so things are progressing well it seems! Just waiting for the official offer now...
I have gotten the Offer Letter but no call from a surveyor, nor details about the offset Savings Account yet.
So mine is also progressing nicely but in an entirely different fashion from yours it seems!
I've not had my official offer to sign yet :( I go away today too so this may take a while and leave me on SVR at my current lender :mad:
Well my buyer got his offer and sent off the signed forms and decided to pull out on day of exchange when all that was required was to send in the deposit to his solicitor... So think yourselves lucky.
Just finished a two-year fixed myself and having to take a hit as the current deals aren't so good.
Would have been able to get a good one through HSBC's Rate Matcher deal (although I was on 4.39% they would match at their lowest rate of 4.54%) but my house is right on the cusp of their 80% LTV and if their valuer came in a little low I would end up losing the massive arrangement fee! Bah!
Oh well, tightening this belt!
I looked at the HSBC rate matcher as I'm on 4.64% at the mo and the fee was £1400!
Completion date this Friday 6th June :D
Also managed to find House insurance £130 cheaper than I currently pay AND they will refund the £50 WB charged me to take own insurance :D:D
Stil not got anything through about the Offset Savings yet though :suspect:
Nice one. My paperwork should be there when I get home from my holiday :)
I looked at the HSBC rate matcher as I'm on 4.64% at the mo and the fee was £1400!
Just tried mine on there...£3199.00 arrangement fee!:lol::(
Nice one. My paperwork should be there when I get home from my holiday :)
Good stuff. The conveyancing firm they use is very efficient. They basically had a 5 day work-around time [all paperwork with them by 1st June and set completion date for 6th]:thumbs:
If you want I can forward you the email addy of the firm so you can let them know about your preferred completion date etc so it is as fast as possible when you get back? :shrug:
Arthur Fowler
05-06-2008, 11:49
Mine is going fine too. Solicitors have been very speedy. Survey done on the Thursday (2 weeks ago), formal mortgage offer from Abbey with copy of survey popped through our door on the Monday (2 working days!).
Could have completed on 1st June, but we didn't want to until 30th June, so everything looking good for then. Can't quite believe the rate we got given how much fixed rate deals are now looking. :)
Good stuff. Got confirmation email that Remortgage Completed today.:D :clap:
Just have to wait for the savings account to be opened to let the offsetting begin!:thumbs:
I never had anyone come round to do a survey - was about to get shirty about having to pay the Valuation fee when I remembered it is refunded on completion anyway :doh:
Apparently they did it electronically :suspect:
I had a survey done! Maybe your LTV was low enough that they did not care? I got the app form for the offset account and have already sent that back. Will do all the other paperwork etc on Monday when back home :) Then need to see how much out of my savings I need to make up the difference between the new mortgage and the outstanding on the current one!
yes I suspect that was it. LTV ~30% and less than a year's annual salary so I am sure it made a difference.
Thanks again for spotting this - the process has been beautifully smooth
Paperwork was all waiting for me, even got a copy of the valuation report (said 137k which is a little lower than I hoped but I think that is what I said it was worth so they probably just used that value :D )
Got to get the new mortgage deed signature witnessed twice before I can mail it off, but phoned current mortgage company and they said I only owe ~92,300 at the moment with another payment to come off this month, that's a fair bit less then I thought (I guessed 95k) so my overpayments have been very effective it seems and I should end up with cash back (borrowed 93k) at the end of this which will go instantly back to my offset account!
Ok today is the day my completion is supposed to go through, I've not heard anything is this to be expected?
cjanderson
01-07-2008, 13:04
Ok today is the day my completion is supposed to go through, I've not heard anything is this to be expected?
i didn;t hear anything until a week or so after when i got letters from solicitor/new mortgage company. its not like you need the keys or anything.
Assuming you've had letters recently saying it will be on this date - and a copy of the old ones completion statement (this will say a daily interest rate for when it doesn't quite go on the right day), then it should be all fine. if not today, then in a day or so.
oh and i got a large cheque as i'd remortgaged for a guess of 83k and only actually owed 80k. and then a refund of the last months overpayment which didn't get applied. So just keep an eye out for what you may be owed back.
No, just wanting to know it all went without a problem. I guess no news is good news?
I should get a cheque for a little as I did no owe as much as I thought, but it will just go straight back to the offset account as will the refund from the legal costs which are refunded on completion.
Ok today is the day my completion is supposed to go through, I've not heard anything is this to be expected?
Yes - althought I phoned the coveyors to check ;)
I had to pay a couple of hundred quid as I asked to borrow £60k and it was a few hundred quid over. Got a cheque back for the Valuation a week later.
The offset savings is postal/telephone only which is a little cumbersome but otherwise works fine.
The offset can be paid into via a BACS payment though :-)
Just phoned the conveyancing lawyers and they are awaitng the redemptions report from my current provider who have still not sent it! She had just been on the phone to them and they promised it was on the way by fax but still no sign! She said they have only until 3PM otherwise I have to wait until tomorrow which means for up to two days I will be paying two lots of mortgage interest :mad:
The offset can be paid into via a BACS payment though :-)
oh indeed and I have made a number of online transfer to it but have to keep a self-check of balance unless you want to ring them to see what balance is.
Yeah, I intend to setup a spreadsheet with the payments in. I know there is no interest so that is easy, then just double check every 6 months or so.
Still no word from my solicitor and its gone 3PM :(
Wo hoo, it went through just in time and I have 1100 quid back :)
cjanderson
01-07-2008, 16:58
She said they have only until 3PM otherwise I have to wait until tomorrow which means for up to two days I will be paying two lots of mortgage interest :mad:
well it ended well but you'd never have had to pay 2 lots of interest, just you may have to pay your old, higher rate for a bit longer.
So everyone nice and happily remortgaged today :D good stuff!!
They already got the money from my new lender though the night before I believe? And SVR on old would have been well over 7% so not what I would have wanted!
Happy now, will be happier when I have my ~1300 quid back from the difference and refunded fees.
Arthur Fowler
01-07-2008, 18:23
I completed yesterday, found out today via a letter from the solicitor with a big cheque for £4.53!
Need to wait now for a refund of June's mortage payment from my old lender as apparently it won't have made it onto the account before we completed (26th to 30th).
5.31 for the next 5 years :thumbs:
I'm telling you folks my curse is already at work.
Got married - married person's tax allowance scrapped.
Bought a house - Mortgage tax relief scrapped.
Get a tracker mortgage when rates are predicted to fall: only for the forcast to switch to increased rates in the next year or so :brickwall:D
NicolaUK
01-07-2008, 20:25
But apparently it comes in 3's so you must be due some good fortune :D
Get a tracker mortgage when rates are predicted to fall: only for the forcast to switch to increased rates in the next year or so :brickwall:D
Tell me about that one, not happy that rates are looking to climb now, would have hunted ot a fixed rate! Time to offset as much as possible I think!
But apparently it comes in 3's so you must be due some good fortune :D
I got £50 cashback from the AA for switching my Home Insurance - hope that doesn't count :lol:
Well cheque arrived this morning with all the other stuff nice and quick, except the cheque is in the wrong name :mad: They are going to re-issue it today )although initially were not going to do so until they had the cheque back, but that would put a several week delay for me as out of the country from Saturday) so I should get a new cheque tomorrow!
Apart from that typo on the cheque, the service from the conveyencers has been superb and I would happily use them again.
so does anyone know when WB will reduce the interests on this tracker?
Steve1977
10-10-2008, 21:55
We managed to get a good deal with Lloyds/TSB aka C&G. Initially we went there because we were interested in an Air Miles mortgage but after speaking to the guy and wanting a mortgage for a good fair few years we got a 7 Year Deal.
We will be paying approx £60 extra a month but we have managed to save about £30 on Mortgage Protection and Life Insurance so thankfully we havent been hit too hard.
It doesen't start till January and he said he would honour any Interest Rate cuts but that remains to be seen!
so does anyone know when WB will reduce the interests on this tracker?
End of month. It was in the original quote that if its done before 13th of month then it takes effect from end of that month otherwise its the end of the following month.
Any change in the Bank of England Base Rate will be applied to your account on the first day of the month following the
change, unless the change is made after the 13th of the month in which case it will be applied on the 1st day of the second
month following the change.
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