best 5 year and 10 year fixed

Fliss_M

For my mum, giving her some options. She has 75% LTV and is with Natwest. They (from their website) can offer her 5 year at 4.69 £199 product fee and 10 year 4.89 £99 product fee.

Anything out there better and worth the move or just best picking from the 2? I was going to suggest to her sticking on SVR for a bit, but she likes her fixed deals plus with natwest fixed at 4% these deals arent far away from that

Ta

Jacka87

I have been looking for 10yr deals for myself, the best 2 have been abbey at 4.99% and RBS at 5.11% however its tied to a current account. The only reason I mentioned the RBS is that it has much better erc charges. They reduce after the 5th yr of the fix and then annually after that until the 10yr finishes, however the abbey is constant and thus could have big penalties if you need to get out.

Remember to be certain with long term fixes that its the right thing to do, or you may need to think about the penalties just incase any circumstances change.

Jacka87

PS the RBS deal is for new customers re-mortgage. Thats the same as the new customers re-mortgage with Nat West. As they are sister companies they will prob offer matching deals, so on that basis you would prob be best sticking with Nat West from what I have seen, as I havent found a cheaper deal and would take anything under5% so long the terms and conditions where ok, ie portability or erc etc not being too bad.

bazza1603

Got all excited at "10 year 4.89 £99 product fee"

Shame I am not an existing mortgage customer....

dimbo61

If she is planning on staying in the house long term then 10 year deal at 4.89% gives very good long term security.
What is she paying now ?
If her old deal was at a higher rate try and keep her mortgage payment the same as this will help to clear the mortgage quicker !!!

Fliss_M

Oh she is planning to stay. MASSIVE conservatory built so what price drop may have happened I suspect its cancelled out.
She paying just over £800 now, 16 years left, I estimate she will save about £40 to £50 per month so dont know if its worth keeping it the same. But it does allow 10% overpay per year (I think thats from memory)

Jacka87

The extra £40 or £50 is worth paying. If she is used to paying it just now then she wont miss it once you re-mortgage. But it would reduce the term and could mean insted of 16 yrs left that its maybe only 14 or something like that. Put it in a repayment calculator to work out how much earlier exactly but its defo worth it as it saves you lots in the long run and removes the stress of a mortgage earlier!

If you can afford it then its a no brainer in my opionion!

jermyn

yeh me too just had a quick look on website and didn't find it