Fix for 2 or 5 years?

lauren1983

I think i would have done the same froggy27. You have peace of mind for 5 years now!

Robert_Sterling_3

VKay wrote: »

Having a real dilemma! Am a ftb and tempted to fix for 5 years. My IFA says she never recommends fixing for more than 2 years. Do you think this is still sound advice in the current climate? Do any other IFAs reading this give that same advice? Thank you.

If you fix for five years you might not need to see a financial adviser for 5 years ... Think about it.

mikeopvc

froggy27 wrote: »

reading this thread with interest, as hv just gone for a 5yr fixed at 4.69%... could have gone 3yrs at 4.49%... no fee as am already a customer... does that sound ok?

I'm being charged a fee (£1,299) by BOS and I'm already a customer, am I being ripped off?

VKay

Hi lauren,

In answer to your question: our budget was around £165,000 but we really didn't want to spend that much though. That buys a well maintained 3 bed semi with garage and garden in the town we're buying in at the moment.

The house we have had the offer accpted on was 'offers over' £135k. It is larger than any of the others we had viewed with a large garden (ex council) and lots of reception space but in need of redecoration throughout. Nothing we can't live with in the meantime though. Our 1st offer of £135K was immediately rejected and we were told the vendor wouldn't stop the other viewings lined up unless the offer was in the £140s. This is the point we had a bit of a ftb panic! He accepted our next offer of just over £140k. Don't know if we should have been a bit 'cooler' but we had found a house we wanted to live in and were well under our budget so we can hopefully choose decoration as opposed to paying max. budget and not having any cash to change things we don't like. Other houses on the road sold for this price 3-4 years ago- no idea what state they were in of course!

We don't want to 'make money' on a house just have a good sized house to make a home!

mark55man

very interesting - nice to know 5 year fix at 4.6-4.9 range. I will be remortgaging in August after 5 year fix at 5.59.

shows how margins have changed as underlying rates were lot higher then.

good luck all, and I'll be keeping an eye out on rates over the next 2 of months, as will probably need to start applying by end of March

VKay

How were the viewings lauren? Anything good?

lauren1983

Hi Vkay,

The viewing today was good. I loved it but Hubby wasnt too sure. So we are going to see what we think to the one tommorrow.
Fingers crossed We have been looking for 18 months now

Hope everything is running smoothly for you!!

corrsfan

on the subject of bank margins, as late as August 2007 my IFA was able to get me a deal through Birmingham Midshires for a 2 year variable .04 (yes point zero four) % above BOE base rate, and only £350 fees... im using the same local broker this summer, but know it wont be anywhere near the same deal I get...

herbiesjp

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