Have I done right thing?

livinginhope

Fixed rate comes to an end on Nov 1st,been offered 5.49% fixed for either 3 or 7 years,fees are £1300 for the 3 year fixed and £850 for 7 year fixed,I didn't get much of a say,hubby went ahead with 7 years,is this a good deal? or should we have gone with the 3 year? can't go elsewhere,for obvious reasons just wanting some reassurance here we still have time to change.
Thanks :A

dunstonh

hubby went ahead with 7 years,is this a good deal? or should we have gone with the 3 year?

Only way to tell is look back in 7 years time. However, 2-3 year fixed deals are not very cost effective. Although potentially the deals available in 2-3 years time could be better than those available now (although they could be worse as well).

livinginhope

Been chatting a bit more about this and the reason he went ahead with the 7 year fixed,was the kids will be just about leaving school around then,he said he wants to know exactly what the payments are going to be,without fear of a big increase.Guess we'll just have to wait and see what the future brings :rolleyes: