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Interesting offers for perspective homeowners.

National independent mortgage broker Mortgage Talk highlights a selection of the week's mortgage dealsShort Term Fixed Rate The Alliance & Leicester is offering a fixed rate until the 31st May 2007 at 4.86 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 5.5 per cent. The overall cost for comparison is 5.5 per cent APR. An early repayment charge (ERP) is payable if you repay all or part of this mortgage during the fixed rate period. There is a valuation fee of pounds 280 and an arrangement fee of pounds 395 that can be added to the loanLong Term Fixed Rate The Alliance & Leicester is offering a fixed rate deal until 31 May 2010 at 4.99 per cent, reverting to the standardvariable rate for the remaining term of the mortgage, currently 5.5 per cent. The overall cost for comparison is 5.4 per cent APR. An ERP is payable if you repay all or part of this mortgage during the fixed rate period. There is a valuation fee of pounds 280 and an arrangement fee of pounds 395 that can be added to the loanShort Term Discount The Norwich & Peterborough is offering a variable rate two year discounted scheme at a current interest rate of 3.79 per cent, reverting to standard variable rate for the remaining term of the mortgage, currently 6.79 per cent. The overall cost for comparison is 6.4 per cent APR. An ERP is payable if you repay all or part of this mortgage within five years. Valuation fee is pounds 225 but no arrangement feeLong Term DiscountThe Lambeth Building Society is offering a variable rate discounted scheme to 31 May 2010, at a current rate of 4.69 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.94 per cent. The overall cost for comparison is APR 6.3 per cent. An ERP is payable if you repay all or part of this mortgage within five years. There is a valuation fee of pounds 155 and an arrangement fee of pounds 395 that can be added to the loanCashback The Scarborough Building Society is offering a ten year fixed rate mortgage of 6.99 per cent that gives an 11 per cent cashback on the amount borrowed, reverting to the standard variable rate for the remaining term of the mortgage, currently also 6.99 percent. The overall cost for comparison is 7.3 per cent APR. There is a requirement to repay the cashback on early repayment of the loan, a valuation fee of pounds 235 and an arrangement fee of pounds 595Buy to Let The NatWest is offering a tracker buy to let mortgage to 30 June 2007 at a current rate of 5.29 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.29 per cent. The overall cost for comparison is 7.2 per cent APR. An ERP is payable if you repay all or part of this mortgage during the tracker period. There is no valuation fee, while the arrangement fee of pounds 395 can be added to the loan.

There is no guarantee that it will be possible to arrange continuous letting of theproperty nor that the rental income will be sufficient to meet the cost of the mortgage.

Remortgage For those looking to remortgage, The Halifax is offering a variable rate tracker scheme until 31 May 2007, currently at 5.14 per cent then reverting to the standard variable rate for the remaining term of the mortgage, currently 6.75 per cent. The overall cost for comparison is 6.6 per cent APR. An ERP is payable if you repay all or part of this mortgage during the discount period. This mortgage offers a free valuation, free legal work and no arrangement fees. Your existing lender may impose penalties if you switch your mortgage to a new lenderTracker The week's best tracker is from the Abbey, with a two year dealat variable base rate minus 0.11 per cent. This equates to 4.64 per cent, then reverts to the standard variable rate for the remaining term of the mortgage, currently 6.75 per cent. The overall cost for comparison is 6.6 per cent. An ERP is payable if you repay all or part of this mortgage within the first 24 months. There is a valuation fee of pounds 260 and an arrangement fee of pounds 499, which can be added to the mortgage.

Figures based on a pounds 150,000 purchase price or value and pounds 100,000 repayment mortgage over 25 years. All figures are subject to revision, but current at time of going to press.

n Details contact Mortgage Talk on 0800 996 1111 or enquiries@mortgagetalk.co.uk. An arrangement fee of up to pounds 299 may be incurred
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Mar 26, 2005
Words:824
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