Mortgage of the week

Moneymatchmaker.com highlights a selection of the week's mortgage deals and help you to compare mortgages.

 

Short-term fixed rate

The Halifax is offering a fixed rate deal until30 September 2009, at a rate of 5.49 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.5 per cent. The overall cost for comparison is 7.5 per cent APR. An early repayment charge (ERC) is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £315 and an arrangement fee of £1499.

Long-term fixed rate

The Nationwide is offering a five-year fixed rate deal, at a rate of 5.68 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.74 per cent. The overall cost for comparison is 6.7 per cent APR. An ERC 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 £499 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 per cent, equating to 4.85 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49 per cent. The overall cost for comparison is 7.3 per cent APR. An ERC 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

The Alliance & Leicester is offering a five-year discounted scheme at 2.28 per cent off its standard rate, equivalent to a current rate of 5.36 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.64 per cent. The overall cost for comparison is 6.9 per cent 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 £280 and an arrangement fee of £599 that can be added to the loan.

Cashback

The Chelsea Building Society is offering mortgages fixed at 7.14 per cent until 1 August 2012, with a 6 per cent cashback on completion. The overall cost for comparison is 7.7 per cent APR. There is a requirement to repay the cashback on early repayment of the loan within the fixed rate period. There is a free valuation and free legal work, but an arrangement fee of £845 that can be added to the loan.

Buy-to-let

BM Solutions is offering a two-year tracker buy-to-let deal at the Bank of England base rate minus 0.26 per cent, equating to 5.24 per cent, reverting to their standard variable rate, currently 7.5 per cent, at the end of the period. The overall cost for comparison is 7.4 per cent APR. An ERC 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 £350, while the arrangement fee of £799 can be added to the loan.

There is no guarantee that it will be possible to arrange continuous letting of the property nor that the rental income will be sufficient to meet the cost of the mortgage.

Remortgage

For those looking for remortgages, the Bank of Scotland is offering a tracker until 30 June 2009 at the base rate plus 0.24 per cent, currently 5.74 per cent, reverting to the standard variable rate of 7.25 per cent for the remaining term of the mortgage. The overall cost for comparison is 7.2 per cent APR. An ERC is payable if you repay all or part of this mortgage during the fixed rate period. The remortgages offer a free valuation, free legal work and no arrangement fee.

Your existing lender may impose penalties if you switch your mortgage to a new lender.

Lifetime tracker

The Norwich & Peterborough is offering a lifetime tracker deal at the Bank of England base rate plus 0.24 per cent for the full term of the loan, currently equating to 5.74 per cent. The overall cost for comparison is 6.0 per cent. There is no ERC 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 per cent mortgage.

Mortgage Express is offering a fixed rate deal at 5.99 per cent until 31 October 2009, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.5 per cent. The overall cost for comparison is 7.5 per cent APR. An ERC 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 5.34 per cent, capped for three years to a maximum rate of 6.09 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49 per cent. The overall cost for comparison is 7.4 per cent APR. An ERC is payable if you repay all or part of this mortgage during the capped rate period. There is a valuation fee of £365, and an arrangement fee of £699 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.

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