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[Field Marshal Dr. Opti]

What are you paying?.

Banks tend to like the word 'variable'

I have paid everything from 16.5% in 1990 down to 3%. Currently paying 3.75%, but I can arrange a new and hopefully better deal in October.

I have seen new mortgage offers available as low as 0.89%, but there is usually a hefty sign up fee of around £1500.

[aaronjb]

1.89% fixed for 2 years (one year remaining) on an LTV of ~79%
4.29% fixed for 5 years (four years remaining) on an LTV of ~73% on a BTL basis

I imagine if I could cut 1% off the main mortgage, it would save me much more than the £1500 fee..

[STEMO]

3.89 fixed till August 2021. I can't see any further than that at the moment. These 'cheap' mortgages that are knocking about at this time are not for first time buyers. As Opti says, there is a whopping arrangement fee, and I think the maximum LTV is around 70%.

[Field Marshal Dr. Opti]

1.89% fixed for 2 years (one year remaining) on an LTV of ~79%
4.29% fixed for 5 years (four years remaining) on an LTV of ~73% on a BTL basis

I imagine if I could cut 1% off the main mortgage, it would save me much more than the £1500 fee..

This is the calculation that would need to be made, Aaron. Be aware these low rates are usually only fixed for 2 years. Based on £1500 you would need to save £750 a year.

BOE base rate is a paltry 0.25 % so the banks are shafting us however much they charge.

[Field Marshal Dr. Opti]

3.89 fixed till August 2021. I can't see any further than that at the moment. These 'cheap' mortgages that are knocking about at this time are not for first time buyers. As Opti says, there is a whopping arrangement fee, and I think the maximum LTV is around 70%.

Will you still be alive in 2021?

You are right about the LTV though.

[aaronjb]

This is the calculation that would need to be made, Aaron. Be aware these low rates are usually only fixed for 2 years. Based on £1500 you would need to save £750 a year.

Indeed - I've calculated very hard each time I've changed mortgage Sadly last time was to move house and it cost me a pretty penny to get out of the previous mortgage, stamp duty plus the 3% accelerator etc.

This time I'd be more interested in reducing the mortgage term than saving money per month, though.. so if I can get a lower rate (in ~12 months time) to keep the payments roughly the same with a shorter term, I'll jump at it.

That said, the BOE are making noise about hiking interest rates again, so perhaps in 12 months time I'll be in a cardboard box under an overpass, instead..

[Viral_Jim]

Our deal was 4.89% fixed for 5yrs  based on 90% ltv. Broke it 2yrs early this April in favour of 1.49% at 60% LTV on a 2yr fix. It's fair to say we've done a bit of work on our place  . Despite all the fees, charges etc we'll be "in the money" after about 10.5months.

Like others, when it comes to a mortgage, I do love a good spreadsheet 

[Field Marshal Dr. Opti]

This 'mortgage arrangement fee rip off' is similar to moving debt on your credit card.

It used to be the case you could move all your debt to another card for 12 month with a lower APR, with no additional charges.

Now the bastards want 3%.

[Field Marshal Dr. Opti]

Our deal was 4.89% fixed for 5yrs  based on 90% ltv. Broke it 2yrs early this April in favour of 1.49% at 60% LTV on a 2yr fix. It's fair to say we've done a bit of work on our place  . Despite all the fees, charges etc we'll be "in the money" after about 10.5months.

Like others, when it comes to a mortgage, I do love a good spreadsheet 

What was the penalty, jimmy?

[Andy B]

What are you paying?.

 ....

Nothing    paid it off a few yrs back 

[tunnie]

Currently 3.1% on LTV of 55%, been fixed for 4 years, expires next year.

Looking forward to new deal as LTV will be sub 40%, aiming to bring it down to 15 years term. Currently 18 years left. .

[Field Marshal Dr. Opti]

Currently 3.1% on LTV of 55%, been fixed for 4 years, expires next year.

Looking forward to new deal as LTV will be sub 40%, aiming to bring it down to 15 years term. Currently 18 years left. .

This certainly helps.

You are essentially 'dripping with wealth'

[Field Marshal Dr. Opti]

What are you paying?.

 ....

Nothing    paid it off a few yrs back 

Nobody likes a smartarse, Mr B...eanz.

[tunnie]

I found the rates improved greatly when LTV dropped below 60%, current ambition is to be mortgage free before I'm 50. 

[STEMO]

Because of our advancing years (the old boot is 47), we took out a 15 year mortgage. With overpayments, we will have paid it off in 12, so the 5 year fix will have taken us to nearly halfway through. We are overpaying just enough so as not to incur an early settlement fee.