Reply to: Typical mortgage rate?

[NorthWestPerm2Contr]

Got 2.39% for 70% LTV last year. Apparently a lot more competitive now and can get even better rates.

[WordIsBond]

My wife has all of the figures.

My wife has only one, but I quite like it.

[northernladuk]

Mine has about 1k added to the loan for fees.

So makes next to no difference at all.

But it's you are unlikely to keep the mortgage for the full term if you are chasing discounts so makes a very big difference if you are going to swap again.

[PurpleGorilla]

Thanks everybody - very helpful

[Ticktock]

Over 25 years, that £1K with compounded interest will probably cost you about the same as a new car.

But hey, we're contractors, we earn that every day.

What makes you think I'll take 25 years to pay it off? And anyway, if I did I'd end up paying £1.57 for every £1 borrowed (with what the variable would currently be), so that £1K would cost me £1570.

Not really a new car.

[DimPrawn]

Mine has about 1k added to the loan for fees.

So makes next to no difference at all.

Over 25 years, that £1K with compounded interest will probably cost you about the same as a new car.

But hey, we're contractors, we earn that every day.

[Ticktock]

Might look good but no one has mentioned arrangement fees which makes a world of difference.

Mine has about 1k added to the loan for fees.

So makes next to no difference at all.

[northernladuk]

Might look good but no one has mentioned arrangement fees which makes a world of difference.

[alphadog]

Coventry offer 1.89pc variable rate for 25 years at 80pc LTV if you fancy it

[Mark McBurney@CMME]

Whilst you are on the line let me take some personal details...

That is actually a good thing to do as a rate can look as attractive as you want, but if the whole case doesn't fit and you can't get it, what good is a number?

If you aren't going to let a broker look into your entire situation, you may be better off googling mortgage rates, as that would give you the same information?

As an example, Halifax have a 2.24% 2yr fixed rate with a 15% deposit, one of the best from any lender, regardless of contractor friendly or not.

[Ticktock]

OK, I've been allowed to see the paperwork for what I'll be paying for...

70% LTV, 25 years with Coventry.

We were offered 2.69% fixed till June 2020, or 1.79% fixed till June 2017.


EDIT: This is based off 2 years of accounts (all I've got so far), not my Contract (I generally have 3 month max contracts, and am about to finish one, so that would have been tricky).

[PurpleGorilla]

Wouldn't it have been quicker to ring one of them up and ask them? You'll also be able to trust the information is correct.

Whilst you are on the line let me take some personal details...

[northernladuk]

Wouldn't it have been quicker to ring one of them up and ask them? You'll also be able to trust the information is correct.

[Ticktock]

Guys any idea what a typical repayment rate for a new contractor mortgage is?

I'm guessing around 4%?

Thanks [emoji106]

We were just offered something like 2.69% for 5 years at 75%. Or maybe 2.69 was for 2 years, and it was 2.99 for 5 years...

Maybe.

I think.

My wife has all of the figures.

[PurpleGorilla]

Typical mortgage rate?

Depends on LTV...?

15-20% deposit