10 Year Fixed

jamesd

To see what interest rates in the UK have done in the past, look at thisPDF with graph of UK base rates. Looking further back in time, interest rates today are normal to somewhat high.

meanmachine_2

Somehow I don't think harking back to "the good old days of 1852" when IRs were 2% is particularly useful. Although I do remember Chinese dolls houses were very cheap then.

I do miss hikes of 1%+. Today's quarter % rises and falls are very dull.

Miss_Penny_Pincher_2

Meanmachine do not underestimate the insight that history can give!

jubarnes26

I am tied in with 4.99 for 15 years. Depends on whats important to you. Seemed like a really good rate at the time and I can worry about other money stuff.

Just check all the other stuff like is it portable, can you make overpayments without penalty, can you borrow back money etc etc.

I think it's a pretty good rate and if interest rates do rise 1) you wont be hammered and 2) you can borrow more against your mortgage and then put it in a high interest account and actually make money. (is this mortgage stoozing anybody ??)

Incidentally I'm with Northern Rock and it's pretty flexible.

save-a-lot

Hi

Arranged a 10 year fixed with the Woolwich at 4.67% - I like to know that our costs are fixed, that way we can plan for future self employment.

hollypoppit

Thanks for all your responses, hoping to get the wheels in motion. Sorry to all for the delay in responding.

I am looking to fix for 10 years as do not want to get hammered by a massive rate increase.

Thanks again!

itsakidsworld

I think the rate quoted is excellent and if all angles have been covered then go for it.

I will be looking at a 10 year fixed rate as we are holding onto low rates in my opinion. Like a pair of 30 inch trousers on a 34 inch waist, how long before the lot bursts!!

Also as posted, history is a subject we all ignore but actually, is it a subject which holds all the answers?

jamesd

meanmachine, it's useful to see that the high rates we know from the early 70s to the early 90s were highly abnormal, while rates we have today in the 3-7% range are typical. Also useful to see just how high those 70s to 90s rates went when it comes to disaster planning for how much a mortgage might cost. That jump from 5% in 1977 to 17% in 1980 would be quite "exciting" if it happened again.

boy_3

save-a-lot wrote:

Hi

Arranged a 10 year fixed with the Woolwich at 4.67% - I like to know that our costs are fixed, that way we can plan for future self employment.

Where did you find this fixed rate? I could not find anything below 5% for a 10 year fixed, even at Woolwich. It would be great if you could post the details here. Thanks in advance.

humfer

hollypoppit wrote:

I am looking to Fix my Mortgage for 10 Years. I have seen 4.98% with Kent Building Society. What do people think of a) fixing the mortgage for 10 Years and b) the rate Kent are offering?

This is my first post...please be gentle.

Blimey 10 years is a long long time. No doubt we would have gone through a recession by that time is up and with interest rates supposedly due to rise next it may be worth looking at 3-5 years. At the end of the day its all speculation, so its what you feel safe with. Even with interest rates at their lowest for god knows how many years a couple of years ago the best fixed rates were around the 4.39% mark anyway, so it may be worth the risk. What are the penalties if you want to change mortgage or house?