15 years fixed?

Teoroy

Hi, what do the professionals on the forum think about this one? With the kindness of our parents we will be able to put down 25% deposit and on this deal it comes as 6.19% for 15 years. Shall we go for it? I wonder if there are any catches.....

15 Year Fixed Rate Mortgage



A long term fixed rate mortgage with added flexibility

With so much uncertainty in the current mortgage market, it’s difficult to know what’s a good deal. We're proud of our mortgage range and oer products to suit our customer needs.
That’s why we’ve launched our unique 15 year fixed rate mortgage with added flexibility. As well as enjoying the security of a long term fixed rate, you’ll also have the option to change your mind every three years.
By choosing a fixed rate mortgage you’ll be able to budget more easily, knowing that your monthly repayments won’t change during the fixed rate term. But with our 15 year fixed rate mortgage, you’ll get a two month window every three years, when you will be able switch, redeem, or overpay by any amount on your mortgage – all without any early repayment charges. However, outside of that window, early repayment charges will apply during the 15 years.


Sorry I can not post the link as a new user:(

osagefo

6.19% seems rather high to me in the current market. Unless you think your circumstances are going to change for the worst imminently, I will be inclined to go for a shorter term fix with a much lower APR. Halifax have a 5 year deal which is lower than 5% or a 10 year deal which is around 5.5%. I am not a mortgage broker, these I just my thoughts.

MABLE

Teoroy wrote: »

Hi, what do the professionals on the forum think about this one? With the kindness of our parents we will be able to put down 25% deposit and on this deal it comes as 6.19% for 15 years. Shall we go for it? I wonder if there are any catches.....

15 Year Fixed Rate Mortgage



A long term fixed rate mortgage with added flexibility

With so much uncertainty in the current mortgage market, it’s difficult to know what’s a good deal. We're proud of our mortgage range and oer products to suit our customer needs.
That’s why we’ve launched our unique 15 year fixed rate mortgage with added flexibility. As well as enjoying the security of a long term fixed rate, you’ll also have the option to change your mind every three years.
By choosing a fixed rate mortgage you’ll be able to budget more easily, knowing that your monthly repayments won’t change during the fixed rate term. But with our 15 year fixed rate mortgage, you’ll get a two month window every three years, when you will be able switch, redeem, or overpay by any amount on your mortgage – all without any early repayment charges. However, outside of that window, early repayment charges will apply during the 15 years.


Sorry I can not post the link as a new user:(

We went for 4.89% fixed for 10 years about 3 years ago. No sure it was the greatest deal then but I liked the idea of stability and whatever happens we know exactly how much we are paying each month.

Also there are early repayment penalties but we do not envisage paying the mortgage off earlier than 2015.

maveli

Are you talking about ABBEY 15 year deal ? 5.38% for 15 years

http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610682091&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateG#15%20year%20Fixed%20Rate%20Mortgages

geoffky

i would fix...inflation is going to hurt...

TEDDYRUKSPIN

LOL. Do they actually carry out 15 years fixed still? They brought them out again? I remember two years ago when they brought out the 25 years deals and no one wanted them.

Hmmmm.. Not a fan.