Best 3-5 year fixed deal right now?

Hopejack

Been having a bit of a scoot around and tbh the fixed rate deals (longer term) are just awful aren't they? Stating the obvious of course!

So, what's the best FR 3 - 5 year deal people have seen? We will probably need around 40% LTV so could easily look at a 60% LTV mortgage as a few lenders offer?? Found a First Direct one for 4.39% for 3 years..... Abbey seems to have a few about too but tbh I'm thinking of steering clear because of the hassle some people are having with their applications. I believe there is another to steer from too but can't remember which lender? Woolwich maybe?

I'm thinking of going fixed but it won't be for a good few months yet anyway so anything could happen lol! I like the idea of longer fixed as I'm not sure how long the IR is going to stay so low - don't fancy a tracker in 3 years time at 9% or something!

Hopejack

Anyone? Meant to say, we are not remortgaging - completely new mortgage as currently unmortgaged. Not sure whether we'll be classed as FTBs though as we do own a property (which we'll hopefully sell to fund part of new home)..... Someone on here said there are not many lenders who will class us as FTBs as a result. Been mortgage free since 2003 so 6 years ish....

WestonDave

One thing to add on the First Direct one, is that you used to be able to (so check before you assume) pay the booking fee, and hold it for up to 6 months before actually taking it up. If you are on a good variable rate now, that might work in your favour as you can maximise your savings from the SVR as long as you can and then jump. I did this back along - paid £99 and stuck on FD's SVR (I was already with them) and then got the rate applied mid November, so in effect I had hedged my rate risk for 3.5 years. Its possibly a bit more complex if you are moving from another lender and need a survey done but you could probably still string it out a bit.

Unlike some lenders FD's rates are valid for a full 3 years from when you start on that rate, not 3 years from a marketing date. Its also an offset account so you may save a bit if you have money in your current account, as they will charge you interest on the net balance.

Hopejack

Thanks Dave I have to say the offset thing always seemed a bit complicated to me lol but I seem to have got to grasps with it recently. I might be odd but I don't know if I like the idea of having current account, savings and mortgage all with the same bank!!

Will keep looking I think - hoping longer term fixes come down but it's not looking good! We have a good while yet but just trying to get my head around what we will likely be paying!