10 year fixed rate mortgages

zippitydoodah

I see some 10 year fixed rate mortgages are now starting to become available at some very tempting rates.

Ideally I would like to fix for this length of time. I'm with the Nationwide on a tracker for the next 30 months but have the drop lock facility available.

unfortunately Nationwide is not offering 10 year fixes (although they once were in the 15 and 25 year fixed market) and I do not think their 5 year fixed is particularly competitive. Can anyone see them entering the 10 year or 15 year fixed rate market with a competitive rate any time soon?

foreversummer

Hi

I'm in a similar situation with the Woolwich. I'm on a tracker with drop-lock so am keeping my eye out for a 10 year fix which would see me to the end of my mortgage. I have a low LTV so I can wait to see what happens.

Who knows - I tend to think that the best rates will be offered as the 'green shoots' start to appear and the housing market shows signs of picking up. When the Libor gets back to normal and real competition returns to the market I think maybe then we will see the best rates.

But I might be wrong - who knows?

Foreversummer

KieranB

I know abbey currently have 10 year fixed rates at 5.39%.. Halifax for 5.34%

For those remortgaging with high equity.. Personally i dont think they have much further to fall..

scotty1971

brittania building society are also doing a 10 year fix,with and without fees

foreversummer

An interesting article:

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article5863995.ece?token=null&offset=0&page=1

samba

KieranB wrote: »

I know abbey currently have 10 year fixed rates at 5.39%.. Halifax for 5.34%

For those remortgaging with high equity.. Personally i dont think they have much further to fall..

As soon as the banking industry regains some confidence and the market becomes competitive again, then the fixed rates will fall sharply, as long as the BoE base rate remains low. I expect to see fixed rates of between 2-3% appear before then end of the year, but don't take my word for it coz I'm just a punter!

robbomc

Good article thanks but i guess its all down to your own personnel circumstances.

Five year fixes under 4% are a real bargain in my opinion but another .5 cut wouldnt hurt or even 10 year fixed under 4% would be a dream for me.

Strange comments from the abbey guy saying there are more potential cuts puts me off as they are not showing there best hand unless i read it wrong??

Its just so complicated with all the what iffss?

tyllwyd

samba wrote: »

.... I expect to see fixed rates of between 2-3% appear before then end of the year, but don't take my word for it coz I'm just a punter!

But do you expect to see 10 year fixes at those kind of rates? I might be prejudiced (because we are on a 10 year fix at a bit over 5%) but historically mortgages haven't been that low over that sort of period. I can't help thinking that banks won't want to offer too many 10 year mortgages at 2-3%.

Edale

There was a good article in the Money section of the Sunday Times yesterday. I can't find it on their website but the feeling of the experts was that fixed rates will fall further due to the impact of quantitative easing. Abbey currently have a 5 year fixed rate at 3.95% for max 60% loan with a £995 fee (max loan £250K). This seems like a good deal but I think 10 year deals could come down to this level given the movement in swap rates last week and the committment the banks have given to increase lending.

edited to add: If I'd read the thread properly I would have seen that foreversummer has already put a link to the article - sorry

TuftyMatt

My 3 year fixed rate deal at 4.74% ends in August and I am fully expecting to get myself a good 10 year deal at 3. something.

The moves made by the BOE last week will have an impact over the coming months and the lenders will pass on some more of the recent cuts.
If we see another .25% fall in the base rate, which could be possible in April or May, then even better.