10 Year Fixed Rate advice needed asap

jet_pack234

Hi,

I need some advice about a 10 year fixed rate mortgage with West Brom Building Society. The rate I have been offered is 4.89%. I was told by the sales person that I needed to be quick on this one since the product was being pulled on Tuesday. I have until Tuesday to make my mind up.

I thought it would be great to have the security of a 10 yr mortgage. But then i thought what if i wanted to move to a more expensive property in the next 10 yrs. This is my first home so its pretty likely that i'd want to move during this time. I know the mortgage is portable. Is it common practice to take out another mortgage deal in this scenario? Presumably this makes buying another property more complicated.

Perhaps a 5yr fixed would be better....

Would be very grateful for any advice on this.

jimmy_stewart

Can't offer you advice jet but this mortgage was one of the three we are considering ourselves and need to decide by Tuesday. Not approached west bromwich yet so are we too late now??

Thanks

jet_pack234

I think you will be too late, although you could try first thing on Tuesday - you never know. 10 years is a long time to be locked in but my feeling is interest rates are going to creep up. Direct Line are doing 5 yrs at the same rate which might be more agreeable.

I just need to know what happens if I decide to move to a more expensive property.

Cara79

Hi

I'm not an expert on this and I'm sure some of the more experienced guys will be on here soon.

But providing it is a transferrable mortgage then there shouldn't be a problem. If you buy something more expensive, then you can take your current mortgage with you and get a mortgage for the increased amount.

At least that's what I'm led to believe but could be wrong.

x

jet_pack234

Thanks Cara - I need to be absolutely sure on this one - I might live to regret it!

Ian_W

But providing it is a transferrable mortgage then there shouldn't be a problem. If you buy something more expensive, then you can take your current mortgage with you and get a mortgage for the increased amount.

That's correct BUT any additional lending will be at the rate decided by the lender - not the rate you're fixed at.

10yrs is too long IMO. Too many things can change quite fundamentally that you just can't forsee. 5yrs max would be the most I would fix for and only if I couldn't see myself moving in that time.

jet_pack234

Thanks for your help, do you have to get the extra money required for a more expensive property from the same lender or can you shop around for a separate mortgage at the time?

gordon74

10yrs is too long IMO. Too many things can change quite fundamentally that you just can't forsee. 5yrs max would be the most I would fix for and only if I couldn't see myself moving in that time.[/QUOTE]

I would agree, after all 10 years is nearly half the life of your loan, and the fact that someone is saying "hurry up before you miss it " would make me suspicious straight away..! I investigated a deal that I have posted on here and the guy tried to get me to sign up quickly. I went to the loan providers website and the deal exists until July 28th. Get the details and check it out for yourself.
10 years is a long time to be tied up.! (No smutty thoughts now)

Never assume anything cos it will make an 'a s s' out of 'u' and 'me'..!

seggy1

WELL ITS A DEAL OR NO DEAL AND THIS IS A DEAL RATES WILL ONLY GO UP GRAP IT

I need some advice about a 10 year fixed rate mortgage with West Brom Building Society. The rate I have been offered is 4.89%. I was told by the sales person that I needed to be quick on this one since the product was being pulled on Tuesday. I have until Tuesday to make my mind up.

I thought it would be great to have the security of a 10 yr mortgage. But then i thought what if i wanted to move to a more expensive property in the next 10 yrs. This is my first home so its pretty likely that i'd want to move during this time. I know the mortgage is portable. Is it common practice to take out another mortgage deal in this scenario? Presumably this makes buying another property more complicated.

Perhaps a 5yr fixed would be better....

Would be very grateful for any advice on this.[/QUOTE]

seggy1

Grap It With Both Hands A Deffinet Deal

jet_pack234

I'm still not sure I'm put off by what people are saying! It might be a good deal but what if I cant move