2 or 5 year fixed Mortgage?

[Backlash]

My mortgage deal has expired so I have been offered 3.99 on a variable or........

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I'm thinking the 5 year because of the instability and unknown consequences of the Brexit, any views?
My overpayments of £560 a month will continue.

[Brightwater]

Is this from your existing lender?...what's your LTV? Many lower rate 5 year deals offered for 60-75% LTV -
http://www.money.co.uk/mortgages/5-year ... tgages.htm

[Backlash]

34.5% LTV
It'll be grief swapping though as I'm self employed, I know it is lazy but I'll have to stay with the Halifax.

Do you think 5 years will be the safer option?

[robot]

2 year and increase the overpayment to £630

[Backlash]

Just worried robot what the Interest rate will be as we are about to leave the EU, if the rate jumps up to 5%+ that could be very costly.

[robot]

It might it might not, all chance, if it does a lot of people will be in strife, it's really a personel choice cant really be advised.
With your ltv you must be in a good place overall I would get of what you can over 2 years and that will balance out part of a possible rise and get you down to a very low amount owed overall.

[Backlash]

We still owe north of £220k
We wouldn't be able to much of an impact in 2 years of overpayments.

[Ashers]

Great 10 year fixed with Coventry Building Society. 2.39%

[Darbyand]

Shouldn't be too much grief swapping lender. Call HMRC and get your last two SA302s sent over. With your Ltv, if your wages/profits aren't significantly lower than when you took out the mortgage, then you should have the pick of the market.

[Backlash]

Shouldn't be too much grief swapping lender. Call HMRC and get your last two SA302s sent over. With your Ltv, if your wages/profits aren't significantly lower than when you took out the mortgage, then you should have the pick of the market.

Yeah I might do that it was only that I have only received the mortgage expirary letter this week and won't have time to gather all the info before they take out the 1st variable payment, in the scheme of things 1 or 2 variable payments shouldn't matter too much.

[Backlash]

Great 10 year fixed with Coventry Building Society. 2.39%

Do I have to go through a broker for that?

[Ashers]

Great 10 year fixed with Coventry Building Society. 2.39%

Do I have to go through a broker for that?

No, just call them direct.

[Backlash]

Thanks Ashers I'll do that this week, it seems too good to miss out on.

[robot]

We still owe north of £220k
We wouldn't be able to much of an impact in 2 years of overpayments.

Ah I assumed you was at the other end of paying off an average priced house rather than living in a mansion
So yes coventry got to be worth a go ,the pain of applying has got to be worth it!
I changed rate recently,what a palava compared to what it used to be.
I want to go on a lower rate and pay you less simple, not a lengthy interview with a million questions on affordabilty/read out scripts etc.

[Backlash]

A mansion it is defiantly not

We have already looked at the Coventry's website (thanks Ashers) and will buzz them on Monday-they even offer someone who will sort out most of the paperwork for you-to an extent.

[Backlash]

Great 10 year fixed with Coventry Building Society. 2.39%

Do I have to go through a broker for that?

No, just call them direct.

1hour and 20 mins

Passed their checks but I'm a little concerned at the 5% early redemption fee, they said they couldn't guarantee that they will transfer the mortgage to another property if we decide to move so could have to pay a whopping £45K.
Agreed in principal but not sure whether I'll send back the forms, 5% seems too high or is this common practice?

They still have to do a survey and I have to pay an arrangement fee(£995) and £8 fund transfer. I can see why people give up.

[robot]

5%through all ten years or staggered down over time.
5% of 220 k isnt 45k

[Backlash]

5%through all ten years or staggered down over time.
5% of 220 k isnt 45k

Ha I doubled the 22k rather than halved so around 11k that doesn't seem as bad.

5% I think she said for years 0-3 3% years 4-8 I think then 1% I'll be getting it all in the post my brain was frazzled after all the questions so can't remember it all.

[robot]

A lot can happen in 8 years 3% is still a fair bit, comes down to personell choice really do you want long term stability with no worries or a 2 year rates with uncertainty closer.
I normally go for 2 year fixes with no fees.

Isn't it rumoured that rates are going to come down and even better offers be out there in the next few months?

[Backlash]

As Ashers said it's possible they might chop a bit off the interest rate on Thursday, I think I'll hold fire.
The 5 year with Halifax and no fees looks the good lazy option, hopefully Thursday will bring a small rate change and I'll grab what I can without the need to contact HMRC.

[Ashers]

Rumours have it that the Bank Of England could do a double rate change. 0.25% in July and August and bring the BOE down to 0%. Maybe worth holding fire until after August's meeting.

That 3.99% variable, is that your product follow on rate?

[Backlash]

My next payment is on the 1st of August which will be the 3.99% variable.

[Ashers]

My next payment is on the 1st of August which will be the 3.99% variable.

Hold fire until Friday and see what the reaction to Thursday's meeting is.