HI. Is a fixed rate of 4.99% for 2 years biddable for a mortgage?
I got that deal from Lloyds,
Answers:
Currently - that's a immensely good rate.
But I strongly advise you to find out what the product charge is. Very often a lender offers a low rate to be paid a deal appear attractive, but all too commonly slaps a huge fee on it. These types of deal I do not estimate are good, because if you cost them out pound for pound, they are all too repeatedly not as good as other deals beside higher rates but lower or non-existent fees.
Not to mention you are substantially increasing your mortgage debt by doing that as well, though. But if the duty is good, then be in motion for it now, as it isn't likely to be on the bazaar for very long. Source(s): Mortgage Consultant of 5 years experience and access to the whole UK bazaar.
Originally I thought wow, thats GREAT. However with the Reserve Banks Cash Rate in Australia at 6.0%, most standard Variable Bank Rates are immediately around 7.88% and falling - fast! They are forecasting another 100 basis point cut contained by November & around 0.5-1.0% again in December, with another 0.25% cut surrounded by February 2009. So that would mean the Reserve Bank of Australias official Cash Rate at 3.5-3.75% and some are predicting the Banks will move about below the official Rate, due to Lender Competition. So now, within 6 months time your 2 year fixed Rate at 4.99% doesn't look real good! But its a 'Bird surrounded by the hand' and thats really what counts. I'm currently Refinancing to a Variable Rate at 7.88%, expecting to be at 5.88% in 6 months time with Westpac, who are currently offering 6.99% fixed (BAD DEAL). Cheers. Source(s): Real Estate Agent.
The rate is currently open market leading. But you must look at the product as a whole. Are they going to charge you lb3000 to set it up?
If you close to the idea of fixing for 2 years then the best product (IMO) is the one that have the lowest total cost over the two year period that would include all the monthly payments, valuation payment, arrangement fee, legal payment, etc.
Best thing you can do is go to a Mortgage Broker that doesnt charge a allowance and ask them, you will find one inside your local Countrywide estate agents Source(s): Knowing a thing or two about mortgages. PM me if you similar to
No. What happens after 2 years?
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Answers:
Currently - that's a immensely good rate.
But I strongly advise you to find out what the product charge is. Very often a lender offers a low rate to be paid a deal appear attractive, but all too commonly slaps a huge fee on it. These types of deal I do not estimate are good, because if you cost them out pound for pound, they are all too repeatedly not as good as other deals beside higher rates but lower or non-existent fees.
Not to mention you are substantially increasing your mortgage debt by doing that as well, though. But if the duty is good, then be in motion for it now, as it isn't likely to be on the bazaar for very long. Source(s): Mortgage Consultant of 5 years experience and access to the whole UK bazaar.
Originally I thought wow, thats GREAT. However with the Reserve Banks Cash Rate in Australia at 6.0%, most standard Variable Bank Rates are immediately around 7.88% and falling - fast! They are forecasting another 100 basis point cut contained by November & around 0.5-1.0% again in December, with another 0.25% cut surrounded by February 2009. So that would mean the Reserve Bank of Australias official Cash Rate at 3.5-3.75% and some are predicting the Banks will move about below the official Rate, due to Lender Competition. So now, within 6 months time your 2 year fixed Rate at 4.99% doesn't look real good! But its a 'Bird surrounded by the hand' and thats really what counts. I'm currently Refinancing to a Variable Rate at 7.88%, expecting to be at 5.88% in 6 months time with Westpac, who are currently offering 6.99% fixed (BAD DEAL). Cheers. Source(s): Real Estate Agent.
The rate is currently open market leading. But you must look at the product as a whole. Are they going to charge you lb3000 to set it up?
If you close to the idea of fixing for 2 years then the best product (IMO) is the one that have the lowest total cost over the two year period that would include all the monthly payments, valuation payment, arrangement fee, legal payment, etc.
Best thing you can do is go to a Mortgage Broker that doesnt charge a allowance and ask them, you will find one inside your local Countrywide estate agents Source(s): Knowing a thing or two about mortgages. PM me if you similar to
No. What happens after 2 years?
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