advice on 10 year fix rate offer

funkey_munkey

I have been offered a 10 year fix rate at 5.8 for a 60k remortgage. I wish to repay over 12 years max. advice would be welcome.

Rolandtheroadie

From my own personal point of view and not an expert opinion by any stretch of the imagination, I would look at what the monthly payments would be and if I was happy to pay that for the next 10 years, I'd go for it.

I'd have to be certain that it wouldnt bother me if rates came down.

I'm tied in for 2 years yet but after that, I will look at the longest term fix I can get. I'd rather know what I'm paying month on month than let some bankers dictate what I pay on a monthly basis.

Regards
Rab

zAndy1

Seems a pretty decent rate at the moment , gives you peace of mind for the next 10 years I suppose. If I was offered a 10 year fix at 5.8 I'd snap it up to be honest

downs523

if say u get a fixed rate for 2 years dont you have to then pay a fee to get another? unless its fee free of course. so would make sense to take out a longer deal?

uzubairu

We took out a 10 year fixed rate in June 2006 with Nationwide at 4.79%.
We've already overpaid £12000, and will have paid off the whole mortgage by the time the fixed rate ends.

We wanted peace of mind and consistency, and it appears to have been the right choice.

andrewmp

uzubairu wrote: »

We took out a 10 year fixed rate in June 2006 with Nationwide at 4.79%.
We've already overpaid £12000, and will have paid off the whole mortgage by the time the fixed rate ends.

We wanted peace of mind and consistency, and it appears to have been the right choice.

Understatement of they year there I reckon, very smart move!