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The Fabulous Fives; These mortgages won't knock you for six.

IF THE New Year is prompting you to thoughts of a new home - or even a new mortgage - you should check out the fabulous fives!

They're the mortgages with interest rates below 6 per cent.

The Nationwide's Mark Hamilton explains: "Standard variable mortgage rates are usually about 1.5 per cent above the bank rate.

"At present the bank rate is 6.25 per cent, which would have to fall by 2 per cent before the standard variable rate dropped below 6 per cent and started challenging these deals." Here's our top Fabulous Fives deals:

Nationwide's 5.99 per cent mortgage is fixed for two years with no extended tie-ins. Available on mortgages up to 90 per cent, it has no arrangement fee. Call 0800 30 20 10.

Lambeth Simply Postal's three-year deal is fixed at 5.99 per cent with no extended tie-ins. There is an arrangement fee of pounds 295. Call 0645 90 91 92.

Principality Building Society has a five-year fix at 5.79 per cent with no extended tie-ins. Arrangement fee pounds 295. Call 0800 16 38 17.

Yorkshire Building Society's five-year 5.99 per cent fix has no extended tie-in. Arrangement fee pounds 295. Call 0800 37 88 36.

Norwich and Peterborough's four-year fix comes in at 5.99 per cent, with a year extended tie-in. Arrangement fee pounds 295. Call 01733 362636.

Scarborough Building Society's 5.70 per cent five-year fix has no extended tie-ins, though you must take their insurance and there is an arrangement fee of pounds 395. Call 0990 13 31 49.

Bristol and West's three-year cap at 5.69 per cent has a tie-in for two years and an arrangement fee of pounds 295. You can have it on up to 95 per cent of loan. Call 0800 11 99 55.

Britannia Building Society's four year cap at 5.99 per cent carries a further three-year tie-in. It's available on up to 95 per cent of loan to value, with a pounds 295 arrangement fee. Call 0800 52 63 50.

First Mortgage's five-year 5.40 per cent fix has a further two-year tie- in. Available on up to 90 per cent of the loan with an arrangement fee of pounds 370. Call 0800 08 00 88.

The Woolwich's Open Plan flexible mortgage lets you repay up to 10 per cent of loan per year. Choose from a two-year fix at 5.19 per cent, with a three-year tie-in, or a three-year cap at 5.99 per cent with a two-year tie-in. Call 0845 607 6666.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Features
Publication:The Mirror (London, England)
Date:Jan 9, 1999
Previous Article:We're glad to get into a fix.
Next Article:10 ways you can keep your home really tidy.

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