2 or 5 year fixed Mortgage?
- Backlash
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
2 or 5 year fixed Mortgage?
My mortgage deal has expired so I have been offered 3.99 on a variable or........
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.
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.
You do not have the required permissions to view the files attached to this post.
- Brightwater
- Grumpy Old Man
- Posts: 2810
- Joined: 01 Dec 2005, 22:15
- Location: ***** BrightwaterVilla.co.uk ***** lakeside at Lake Berkley Orlando /parkrunning
- FS Record: 21 cash league wins. CYKI 08/09 4th, 09/10 8th. 12/13 Sky 56th, FPL FISO X League winner. 2014 UFPL Beta 7th.
- FPL:
- Contact:
Re: 2 or 5 year fixed Mortgage?
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
http://www.money.co.uk/mortgages/5-year ... tgages.htm
- Backlash
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
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?
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
- Dumbledore
- Posts: 7818
- Joined: 01 Sep 2008, 19:39
- FS Record: Winner tff world 2018 knockout 2nd TFF Euro 2012 Group Stage,tff weekly winner 13/14wk25, 14/15wk7&19,16/17wk2,,Winner tff champions league two foot challenge, winner sun Elite league 15/16,winner tff 17/18 chairmen league, week32 weekender joint 1st.
- FPL:
Re: 2 or 5 year fixed Mortgage?
2 year and increase the overpayment to £630
- Backlash
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
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
- Dumbledore
- Posts: 7818
- Joined: 01 Sep 2008, 19:39
- FS Record: Winner tff world 2018 knockout 2nd TFF Euro 2012 Group Stage,tff weekly winner 13/14wk25, 14/15wk7&19,16/17wk2,,Winner tff champions league two foot challenge, winner sun Elite league 15/16,winner tff 17/18 chairmen league, week32 weekender joint 1st.
- FPL:
Re: 2 or 5 year fixed Mortgage?
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.
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
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
We still owe north of £220k
We wouldn't be able to much of an impact in 2 years of overpayments.
We wouldn't be able to much of an impact in 2 years of overpayments.
- Ashers
- FISO Knight
- Posts: 19810
- Joined: 21 Jul 2008, 17:31
- Location: Stroud
- FS Record: OFL Fantasy Fives Winner 2011/2012, SDT wins WDT, weekly, monthly and seasonal prizes. Fantasy Darts daily winner, TFFO mini league winner & FISO U21 Threes Champs 13.
- FPL:
- Contact:
Re: 2 or 5 year fixed Mortgage?
Great 10 year fixed with Coventry Building Society. 2.39%
- Darbyand
- FISO Knight
- Posts: 10731
- Joined: 13 Oct 2005, 18:45
- Location: Central Lancs
- FS Record: TFF World Cup 2014: 6th. TFF: 2020: 30th. 2022 32nd + 54th. Eggs PL 1st 2022. Tenners: 3rd 2019, 2nd 2020, 1st 2022.
- Contact:
Re: 2 or 5 year fixed Mortgage?
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
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
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.Darbyand wrote: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
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
Do I have to go through a broker for that?Ashers wrote:Great 10 year fixed with Coventry Building Society. 2.39%
- Ashers
- FISO Knight
- Posts: 19810
- Joined: 21 Jul 2008, 17:31
- Location: Stroud
- FS Record: OFL Fantasy Fives Winner 2011/2012, SDT wins WDT, weekly, monthly and seasonal prizes. Fantasy Darts daily winner, TFFO mini league winner & FISO U21 Threes Champs 13.
- FPL:
- Contact:
Re: 2 or 5 year fixed Mortgage?
No, just call them direct.Backlash wrote:Do I have to go through a broker for that?Ashers wrote:Great 10 year fixed with Coventry Building Society. 2.39%
- Backlash
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
Thanks Ashers I'll do that this week, it seems too good to miss out on.
- robot
- Dumbledore
- Posts: 7818
- Joined: 01 Sep 2008, 19:39
- FS Record: Winner tff world 2018 knockout 2nd TFF Euro 2012 Group Stage,tff weekly winner 13/14wk25, 14/15wk7&19,16/17wk2,,Winner tff champions league two foot challenge, winner sun Elite league 15/16,winner tff 17/18 chairmen league, week32 weekender joint 1st.
- FPL:
Re: 2 or 5 year fixed Mortgage?
Ah I assumed you was at the other end of paying off an average priced house rather than living in a mansionBacklash wrote:We still owe north of £220k
We wouldn't be able to much of an impact in 2 years of overpayments.
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
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
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.
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
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
1hour and 20 minsAshers wrote:No, just call them direct.Backlash wrote:Do I have to go through a broker for that?Ashers wrote:Great 10 year fixed with Coventry Building Society. 2.39%
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
- Dumbledore
- Posts: 7818
- Joined: 01 Sep 2008, 19:39
- FS Record: Winner tff world 2018 knockout 2nd TFF Euro 2012 Group Stage,tff weekly winner 13/14wk25, 14/15wk7&19,16/17wk2,,Winner tff champions league two foot challenge, winner sun Elite league 15/16,winner tff 17/18 chairmen league, week32 weekender joint 1st.
- FPL:
Re: 2 or 5 year fixed Mortgage?
5%through all ten years or staggered down over time.
5% of 220 k isnt 45k
5% of 220 k isnt 45k
- Backlash
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
Ha I doubled the 22k rather than halved so around 11k that doesn't seem as bad.robot wrote:5%through all ten years or staggered down over time.
5% of 220 k isnt 45k
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
- Dumbledore
- Posts: 7818
- Joined: 01 Sep 2008, 19:39
- FS Record: Winner tff world 2018 knockout 2nd TFF Euro 2012 Group Stage,tff weekly winner 13/14wk25, 14/15wk7&19,16/17wk2,,Winner tff champions league two foot challenge, winner sun Elite league 15/16,winner tff 17/18 chairmen league, week32 weekender joint 1st.
- FPL:
Re: 2 or 5 year fixed Mortgage?
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?
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
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
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.
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
- FISO Knight
- Posts: 19810
- Joined: 21 Jul 2008, 17:31
- Location: Stroud
- FS Record: OFL Fantasy Fives Winner 2011/2012, SDT wins WDT, weekly, monthly and seasonal prizes. Fantasy Darts daily winner, TFFO mini league winner & FISO U21 Threes Champs 13.
- FPL:
- Contact:
Re: 2 or 5 year fixed Mortgage?
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?
That 3.99% variable, is that your product follow on rate?
- Backlash
- Dumbledore
- Posts: 9818
- Joined: 04 Nov 2012, 10:05
Re: 2 or 5 year fixed Mortgage?
My next payment is on the 1st of August which will be the 3.99% variable.
- Ashers
- FISO Knight
- Posts: 19810
- Joined: 21 Jul 2008, 17:31
- Location: Stroud
- FS Record: OFL Fantasy Fives Winner 2011/2012, SDT wins WDT, weekly, monthly and seasonal prizes. Fantasy Darts daily winner, TFFO mini league winner & FISO U21 Threes Champs 13.
- FPL:
- Contact:
Re: 2 or 5 year fixed Mortgage?
Hold fire until Friday and see what the reaction to Thursday's meeting is.Backlash wrote:My next payment is on the 1st of August which will be the 3.99% variable.
View Latest: 1 Day View Your posts