8 year fixed mortgages ?

Moulden71

Hi,

I am new to all this so please bear with me,my 5 year fixed rate with nationwide finishes in April 2010, i will then have 8 years left on my mortgage does anyone know if i will be able to get a new fixed rate mortgage for 8 years or do they only do either 5 year or 10 year fixed?

Thanks,

Simon.

Robert_Sterling_3

I have never heard of an 8 year fixed rate.

dimbo61

I think I have seen a 7 years fix deal
Just because you have 8 years left on the mortgage does not mean you have to pay it over 8 years ! You could shortern the term to 5 years ( most lenders will not lend for less than 5 years)
This would mean that your payments might/would go up but you would be Mortgage Free 3 years earlier !!
The quicker you repay the debt the less interest you will pay your lender.

Moulden71

Thanks dimdo61 i will look into that and if i can stretch my monthly i will try and pay it off on a 5 year fixed.

Cheers,

Simon.

dimbo61

HSBC/ABBEY both doing a 5 year fix at 3.99% fee £999 LTV60%

A&L doing a 5 year fix at 3.99% with NO FEE ! LTV 65% TOP DEAL !!!!!!
Post office doing 5 years fix at 4.15% LTV 75% fee £599
All very good long term fixes and you could set the term to say 7/8 years and overpay 10% each month ( gives you more flexibility !!)

Moulden71

Thanks again for your advice dimbo61.

Simon.

Cozworth806

There is also a 7 year fix available from some lenders, but the difference between 5 year and 7 years is not great, probably better to overpay a 5 year rate than taking a higher 7 year one