03 Nov Thinking of a remortgage? What are the best mortgage rates out there?
While the weather have finally gone grey, you might have missed the biggest financial news of past couple of weeks, some of the best mortgage rates we’ve seen in a while, so great they made us do a double take.
The news tells us the London Property market has had it, the recovery is over, let’s wait until the general election, the stock market is down, fear must rule your life!!
This climate has led to a ferocious price war amongst the banks, all competing to offer the best rates. The good news. This has led to some phenomenal deals for borrowers which have been recently released, that you can check out here, but for one particularly good offering, read on.
For example, Woolwich, the mortgage arm of Barclays, has a particularly tasty offering.
For those who just want to get on with it, they have announced a 2 year residential tracker rate set at just 0.99% above the Bank of England base rate.
What makes this even better than a payrate currently of 1.49%?
The 75% loan to value on this product? The fact that interest rates are currently sitting at record lows? Or the fact the product comes with no Early Repayment Charge!?
Still not convinced? Here’s an example:
A mortgage of £500,000 on an interest only basis would cost you just £624.00 a month.
If this sounds like something you’d like to discuss, feel free to give us a ring on 0207 562 5767. We’d be more than happy to help.
Woolwich Openplan FM 2yr BBR + 0.99% (75% LTV)
Product: 2 Year Tracker
Initial interest rate: 1.49% (BBBR + 0.99%) + variable for 2 years
Follow on interest rate: 3.99% (BBBR + 3.49%)variable for the remaining term *
The overall cost for comparison is: 3.7% APR
Application fee: £999
How much could I borrow? 75% (max) of the value of your home
Early repayment charge None
Please note: These details are for illustration only and all loans must be approved on an individual basis and are subject to underwriting criteria. Just Us Financial Solutions will charge you an administrative fee of £399 for a purchase and £199 for a remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.