Finding The Best Flexible Mortgage Rates

If you're going to have a flexible mortgage, then you'll want to find the best flexible mortgage rates. Price comparison sites will offer their version of the best flexible mortgage rates but these will vary depending on the affiliations the website may have with particular lenders. One source of the best flexible mortgage rates are price comparison websites. Here's our view of the best flexible mortgage rates around at the moment sourced from Trigold - professional mortgage sourcing software. The illustrations for the best flexible mortgage rates are based on a £150,000 repayment mortgage, over 25 years, for a property value of £250,000.

Newcastle Offset Mortgage

The first deal among the best flexible mortgage rates comes from Newcastle Building Society. This is an offset mortgage which has a rate set at 0.1 per cent below the Bank of England base rate (currently 5.25 per cent) for six months only. After the initial period, the flexible mortgage has a variable rate which is 0.5 per cent above the base rate for the term of the mortgage. The APR is 5.4 per cent. Fees to be paid for the first of the best flexible mortgage rates include an arrangement fee of £450, a valuation fee of £275 and a money transfer fee of £30. Borrowers should also account for legal fees of about £400. Borrowers are required to take out an offset savings account with the building society but are not required to have any additional products. We estimate that over the term of the mortgage, borrowers will repay approximatly £1.80 for every pound borrowed. The offset flexible mortgage allows unlimited overpayments and there are no early repayment charges*.

Scottish Widows Bank Offset Mortgage

The second deal among the best flexible mortgage rates comes from Scottish Widows. This is an offset mortgage which has a rate set at the Bank of England base rate for two years. After the initial period, the flexible mortgage has a variable rate which is 1 per cent above the base rate for the term of the mortgage. The APR is 6.6 per cent. Fees to be paid for the second of the best flexible mortgage rates include an arrangement fee of £1499, a valuation fee of £225 and a money transfer fee of £25. Borrowers should also account for legal fees of about £400. Borrowers have the option to take out an offset savings account. We estimate that over the term of the mortgage borrowers will repay £2.00 for every pound borrowed. The offset flexible mortgage allows overpayments of 10 per cent a year and there are early repayment charges of 2 per cent during the preferential rate period. There is a £300 cash back for home purchasers**. Underpayments and payment holidays could increase the mortgage term and/or the total amount payable.

Bristol and West Flexible Mortgage

The third deal among the best flexible mortgage rates comes from Bristol and West Building Society. This is a flexible mortgage which has a rate set at 0.9 per cent above the base rate for the term of the mortgage. The APR is 6.7 per cent. Fees to be paid for the third of the best flexible mortgage rates include an arrangementfee of £699, a valuation fee of £310 and a money transfer fee of £30. Borrowers should also account for legal fees of about £400. We estimate that over the term of the mortgage borrowers will repay £2.01 for every pound borrowed. The flexible mortgage allows unlimited overpayments and there are early redemption charges of 2 per cent of the original loan for the first year**.

These are just a selection of the best flexible mortgage rates around. For more choices, consider using our professional mortgage brokerage. We have access to all of the best flexible mortgage rates from the whole of the market.

However, please note that The Offset Mortgage Centre cannot advise on or arrange mortgages from the Newcastle Building Society.

Offset Mortgage Centre

RSS Feed

© 2007 and 2008 Offset Mortgage Centre | Terms and Conditions | Privacy Statement | We don't charge a fee for admistration of an offset mortgage. The Offset Mortgage Centre is the trading name of The Mortgage Broker Ltd, (a whole of market mortgage broker), which is an appointed representative of Home of Choice Limited, which is authorised and regulated by the Financial Services Authority | Your home may be repossessed if you do not keep up repayments on your mortgage. *Source - Newcastle Building Society website 3/07 **Source - Trigold 16/1/08.