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Offered 5.24% 7 Year Fixed Rate

2

Comments

  • another thing to consider is do you save? and can you overpay and how much.
    is over paying your mortgage at 5% better than saving at 2/3 % or worse if rates dont go back up?
  • TOBRUK
    TOBRUK Posts: 2,343 Forumite
    Part of the Furniture Combo Breaker
    123oleary wrote: »
    another thing to consider is do you save? and can you overpay and how much.
    is over paying your mortgage at 5% better than saving at 2/3 % or worse if rates dont go back up?

    I can make overpayment of 10% of outstanding balance per year.
  • mramra
    mramra Posts: 619 Forumite
    Part of the Furniture 500 Posts
    How about 4.99% for 10 years with a £995 fee?

    http://www.cheltglos.co.uk/mortgages/fixed-rates/10-year/10yr-ltv60-fee995.html

    Also looks good to me. :D
  • mramra
    mramra Posts: 619 Forumite
    Part of the Furniture 500 Posts
    Some will say I am overcautious, but I would far rather take a 7 or 10 yr fix at 5%ish than pay a hefty fee for a cheap 2yr fix and have to remortgage again in 2yrs with another fee and without the security that rates will be as cheap in 2 years time.
  • beecher
    beecher Posts: 2,497 Forumite
    I'd be interested to hear what you end up deciding TOBRUK as my LTV is under 50 and am also on the SVR. The fee free deal looks appealing, but I'm just not sure right now whether to jump on it or wait on the SVR. I have a tendency to overthink these things, then make the wrong decision ;)
  • TOBRUK
    TOBRUK Posts: 2,343 Forumite
    Part of the Furniture Combo Breaker
    mramra wrote: »
    How about 4.99% for 10 years with a £995 fee?

    http://www.cheltglos.co.uk/mortgages/fixed-rates/10-year/10yr-ltv60-fee995.html

    Also looks good to me. :D

    That does look good but I have under 15 years left on my £40,000 mortgage and think I would like to review in 7 years - perhaps I should consider 10 year fixed instead??
  • TOBRUK
    TOBRUK Posts: 2,343 Forumite
    Part of the Furniture Combo Breaker
    beecher wrote: »
    I'd be interested to hear what you end up deciding TOBRUK as my LTV is under 50 and am also on the SVR. The fee free deal looks appealing, but I'm just not sure right now whether to jump on it or wait on the SVR. I have a tendency to overthink these things, then make the wrong decision ;)

    I know what you mean beecher, it's hard to know what to do but I feel that the good fixed deals will become less in the next few months and more so if the housing market starts picking up. The banks have been so slow in passing the base rate cut and after a few months they might increase.
  • TOBRUK wrote: »
    I can make overpayment of 10% of outstanding balance per year.

    i'm 2 years into a ten year fix at a similar rate with similar overpay arrangements which i took out thinking that i would save arrangement fees etc every 2 years and that that rate wood be a good average of what i reckoned the actual real rate would do. the steep cuts in the interest rate mean that it hasnt quite played out as i hoped. i also save 120ish a month and i think if saving account rates drop i can just overpay this to my mortgage instead of into a savings account. to my mind thats sort of saving at five %. am i right in thinking this?
  • beecher
    beecher Posts: 2,497 Forumite
    TOBRUK wrote: »
    That does look good but I have under 15 years left on my £40,000 mortgage and think I would like to review in 7 years - perhaps I should consider 10 year fixed instead??

    You sound very similar to me - I have 14 years and 7 months left on a £40,000 mortage. The £999 fee would put me off I think. Would you be able to pay it off or have to add it to the mortgage? The amount you'd save over the 7 year deal would be minimal, and the fact that it is fee free is very much a positive.
  • TOBRUK
    TOBRUK Posts: 2,343 Forumite
    Part of the Furniture Combo Breaker
    beecher wrote: »
    You sound very similar to me - I have 14 years and 7 months left on a £40,000 mortage. The £999 fee would put me off I think. Would you be able to pay it off or have to add it to the mortgage? The amount you'd save over the 7 year deal would be minimal, and the fact that it is fee free is very much a positive.

    There is no fee beecher on the offer I've been given.
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