Short-Term Fixed Rate
Northern Rock is offering a fixed rate deal until 1 September 2009, at a rate of 5.59%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.84%. The overall cost for comparison is 7.8% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £505 and an arrangement fee of £1995.
Long-Term Fixed Rate
Nationwide is offering a five-year fixed rate deal, at a rate of 5.98%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.99%. The overall cost for comparison is 6.8% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £295 and an arrangement fee of £599 that can be added to the loan.
Short-Term Discount or Tracker
BM Solutions is offering a two-year tracker scheme at the Bank of England base rate minus 0.65%, equating to 5.1%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.74%. The overall cost for comparison is 7.6% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within two years. There is a valuation fee of £350 and an arrangement fee of £1000 that can be added to the loan.
Long-Term Discount or Tracker
Norwich & Peterborough is offering a five-year discounted scheme at 2.15% off its standard rate, equivalent to a current rate of 5.34%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49%. The overall cost for comparison is 6.9% APR.
There is an early redemption penalty upon repayment of this loan up to the end of the discount period.
There is valuation fee of £220 and an arrangement fee of £599 that can be added to the loan.
Cashback
Abbey is offering a five-year tracker mortgage at the Bank of England Base Rate plus 1.54%, with a 5% cashback on completion. The overall cost for comparison is 7.9% APR. There is a requirement to repay the cashback on early repayment of the loan within the incentive period. There is a free valuation and no arrangement fee.
Buy-to-let
BM Solutions is offering a two-year tracker buy-to-let deal at the Bank of England Base Rate minus 0.5%, equating to 5.25%, reverting to their standard variable rate, currently 7.7%, at the end of the period. The overall cost for comparison is 7.7% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the first two years of the loan.
There is a valuation fee of £365, while the arrangement fee of £1499 can be added to the loan.
Remortgage
For those looking to remortgage, the Bank of Scotland is offering a tracker until 30 September 2009 at the Base Rate plus 0.24%, currently 5.99%, reverting to the standard variable rate of 8.1% for the remaining term of the mortgage. The overall cost for comparison is 7.9% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the fixed rate period. This mortgage offers a free valuation, free legal work and no arrangement fee.
Lifetime Tracker
Norwich & Peterborough is offering a lifetime tracker deal at the Bank of England Base Rate plus 0.24% for the full term of the loan, currently equating to 5.99%. The overall cost for comparison is 6.3%. There is no Early Repayment Charge on this loan, but there is a valuation fee of £220 and an arrangement fee of £499, which can be added to the mortgage.
100% Mortgage
Mortgage Express is offering a fixed rate deal at 5.99% until 31 October 2009, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.5%. The overall cost for comparison is 7.5% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the discount period. There is no valuation fee, but an arrangement fee of £1299 that can be added to the mortgage.
Capped Rate Mortgage
BM Solutions is also offering a tracker mortgage at a current rate of 6.09%, capped for three years to a maximum rate of 6.34%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.89%. The overall cost for comparison is 7.0% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the capped rate period. There is a valuation fee of £220, and an arrangement fee of £599 that can be added to the loan.
Figures based on £150,000 purchase price or value and £100,000 repayment mortgage over 25 years. All figures are subject to revision, but current at time of going to press.
