FTB mortgage tips

andrewmp

getmore4less wrote: »

Big Maybe,
Job loss
Increase in fees
house price drop
new LTV criteria

Loads of reasons the low follow on rate would have been the better option for the sake of a little saving now.

For small loans fees are a big risk.

Assumng it will be OK I can just move my loan is naive.

I got a 25 year fix for those exact reasons, although other people would say "what if the rate drops a lot" - like it has. I say, it'll rise a lot of 25 years too and no more silly arrangement fees for me.

VIGILANT22

andrewmp wrote: »

I got a 25 year fix for those exact reasons, although other people would say "what if the rate drops a lot" - like it has. I say, it'll rise a lot of 25 years too and no more silly arrangement fees for me.

what lender offered a 25 year fixed?

_Andy_

VIGILANT22 wrote: »

what lender offered a 25 year fixed?

nationwide was doing one a couple of years back

Peelerfart

VIGILANT22 wrote: »

what lender offered a 25 year fixed?

And I think the Cheshire BS did too, but that was then.

VIGILANT22

_Andy_ wrote: »

nationwide was doing one a couple of years back

Yeah I know about the one's in the past, I'm just a bit confused as this poster andrewmp posted a few days ago he had a 10yr fixed.

I am not being anal with memory, he tried to challenge me when I posted about rates dropping 18 months ago, by replying "I don't think it was actually" (when rates were dropping)....and the thread topic was 10yr fixed, hence the reason I remember him....

happyrichard

I think I also remember the post saying that he had a 10 year fixed, so I am a little confused. Is it 10 or 25, or, more than likely, none of the above?

scroggin

getmore4less wrote: »

Big Maybe,
Job loss
Increase in fees
house price drop
new LTV criteria

Loads of reasons the low follow on rate would have been the better option for the sake of a little saving now.

I agree with you to some extent. However, picking a fixed rate (at least 0.75% worse) for five years (my partner and I want the longer term security of knowing what we are paying) based on what may or may not happen in five years feels a bit like worrying for worryings sake. Five years is a long time and anything could happen in that time.

My prsonal view is that there is no point fixing at the moment for 3 years or less - as I don't feel a variable rate would disadvantage you that much. However, taking the gamble of having to remortgage in 2-3 years time when we know base rates are only going to be higher feels like bringing forward risk.

My own feeling is that we should continue saving hard to hopefully reduce the LTV when we re-mortgage or fund a move up to a possibly bigger house at tht time.

So anymore good deals out there? The Chelsea seem to be offering a 5.04% on 80% LTV as well which is pretty attractive.

andrewmp

VIGILANT22 wrote: »

Yeah I know about the one's in the past, I'm just a bit confused as this poster andrewmp posted a few days ago he had a 10yr fixed.

I am not being anal with memory, he tried to challenge me when I posted about rates dropping 18 months ago, by replying "I don't think it was actually" (when rates were dropping)....and the thread topic was 10yr fixed, hence the reason I remember him....

I got a 25 year fix with 10 year tie in, so its 10 year or 25, up to me...

As for rates, 18 months ago I didn't think they would fall so fast, not many people did though. I'm still glad I fixed though....

Lender, Scarborough Building Society, now Skipton. I often think of my deal as 10 year fix (as I can leave after 10 years penalty free) but it's fixed rate for 25 years. I guess I can understand the confusion though.

VIGILANT22

andrewmp wrote: »

As for rates, 18 months ago I didn't think they would fall so fast, not many people did though. I'm still glad I fixed though....QUOTE]

Hmmm...that's not what you posted. I posted factual information which you challenged as below

Originally Posted by VIGILANT22 [URL="mhtml:{144FE44D-54A8-458E-8DC1-3E719B61166D}mid://00000041/!x-usc:http://forums.moneysavingexpert.com/showthread.html?p=30356059#post30356059"][/URL]
18months ago the base rate was dropping...????

andrewmp: I don't think it was actually.

andrewmp

I didn't think it was, maybe I was wrong.

It was 5% when I took out my mortgage, I know that much, it didn't fall until after I completed and had been living here for a month or two.

Were you really that insulted I questioned your question that you've got to drag it up again on another thread?