10 year fixed rate

idontbuy_2

Hi
We took up a 10 year fixed rate mortgage in October last year the interest rate is 6.4%

Are there any 10 year deals out there at the moment that we could switch to and recover the £3000 fees that we would have to pay for early cancelation or should we sit tight?
Any thoughts appreciated

Pete

dimbo61

What is your LTV and what is the size of the mortgage you need.
Martin has this week put on his e-mail a calculator to work out if its worth moving mortgage lender and paying the ERC fee to become better off.
A couple of good fixed rate deals IE HSBC and abbey doing 3.99% fixed for 5 years BUT LTV must be less than 60%
Post office doing 4.15% LTV below 75% 5 year fix
You need to post more info or work out the figures yourself !!!

philswannie

The sums all depend on the size of your mortgage and loan to value, as this will affect deals available to you a fees involved.

The Chelsea are offering a 10 year fixed at 4.59% for upto 65% LTV

If you had £100,000 interest only loan at your current rate you would pay £6400 pa in interest, with the Chelsea loan you would pay £4590, being £1810 pa less.

Calculated over roughly 9 1/2 years that would save £17195 in interest.

If you post your loan amount and LTV im sure somebody will work out the figures.

Good luck

philswannie

I was typing my post as dimbo61 posted their reply, but effectively says the same as mine !!