Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by deano87
Not sure if this will work:
Nationwide Save to Buy rates - £115,000 property, £109,250 mortgage, 35 years.
Deal Period: 3 years
Initial Rate: 5.69%
Followed by the SMR: Currently 3.99%
Overall cost for comparison: 4.8% APR
Fees: £499
Monthly Payment: £600.35
Thats not too bad, 3 and half years ago Nationwide stung me 5.79% on a 84% LTV as a FTB on a 3year deal, so to be offered that on a 95% is good IMO. However i have changed to a BMR which is 2.5% as opposed to the SMR which is 3.99%. It appears that that they quickly realised that 2% above base was not going to provide a massive return on investment.
They have just given me a second product on 4.8% (with no redemption) for 5 years on £20k.
in relation to the OP, i would expect that you need to realistically save a third on top for fee's and furnishings to start with, more if you need to pay stamp duty.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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Count yourself lucky! Mines 6.05%, 90% LTV for 3 years. Ends in june, thank go
Using that nationwide calculator, I can.decrease the term by 10 years (35 down to 25) and still save over 100 quid a month!
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Ben your mortgage company are dry ass fucking you 
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Bonney
Member
Registered: 14th Nov 04
Location: St Helens
User status: Offline
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So by the looks of it I could get an initial mortgage then after a few years remortgage and get a better rate?
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by Bonney
So by the looks of it I could get an initial mortgage then after a few years remortgage and get a better rate?
Rates will always change as interest rates change, it could be worse or better in a few years.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by pow
Ben your mortgage company are dry ass fucking you
Unfortunately it was the best deal we could find at the time (march 2010). Back then the banks were being greedy.
Will swiftly tell them to GTF when they ring me about a renewal.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by Ben G
Count yourself lucky! Mines 6.05%, 90% LTV for 3 years. Ends in june, thank go
Using that nationwide calculator, I can.decrease the term by 10 years (35 down to 25) and still save over 100 quid a month!
I dont think thats bad considering time of purchase and LTV. But its amazing what you can save, whats you rate dropping to? I borrowed an additional £20k to start another purchase, reduced my term by 4 years and still £38 a month better off!
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Half the reason I think fixed rates can be a con there Ben.
Trackers/variables at least follow the market with what it is doing, rather than you paying well over the odds wishing you could change.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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And with variable you'll be alright for the next 18 months at least I reckon.
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