Fixed Rate 5 or 10 years?

Mark7799

Personally I think three years is long enough to fix a mortgage, five at the outside. The family has undergone a lot of personal changes in the last 8/10 years and it's been better for us not to be tied in to a long range product - it may work for others but we were better off like this

susieb

I've also just gone for the 10 year nationwide one. That will give me stability while the kids are at school

robnye

10 years is too long for me.....i have endowments maturing in 6/7 years (although badly), so i am looking at 3/5 year term pref without fees....but there arent many around

biting_the_bullet

10 year Nationwide fix man here too. £399 fee (not bad). 5.18% rate, max £500 overpayment per month allowance and loads and loads of peace of mind. Fully transportable. Same as Susie, whilst the kids are at school, we aint going nowhere, unless it really does hit the fan. Interest rates are going up, up, up i reckon.

Scott

It's not as bad an idea to fix for ten years as it was a few years back. I get people complaining about their rate all the time because they fixed for 10 years at 10% and the like. Not nice.

I wouldn't do that myself, since you can bet any limb you like that the exit charges are going to be massive, and it's nice to have the opportunity to move before a 10 year deal is finished. It really is a long time. Think about where you were 10 years ago.

tonydee

Scott wrote:

It's not as bad an idea to fix for ten years as it was a few years back. I get people complaining about their rate all the time because they fixed for 10 years at 10% and the like. Not nice.

I wouldn't do that myself, since you can bet any limb you like that the exit charges are going to be massive, and it's nice to have the opportunity to move before a 10 year deal is finished. It really is a long time. Think about where you were 10 years ago.

I'm pretty certain anyone who is considering a 10 year fixed deal would have looked at the penalties for leaving along with all the reasons why they want to do it in the first place.

It's not for everyone which is why the choice is so varied out there.

p.s Fixing for 10 years when the rates are hitorically high seems a bad move. Doing it when they are reasonably low seems the better move

Dusk_is_Falling

blackste wrote:

hi
i noticed that kent building society is doing fixed rate deals at pretty competetive rates with fees at about £500. they are doing the same rate 4.98% i think for 5 10 15 and 25 year deals. not many lenders giving that sort of rate whatever the term.

I've had a look at that one but the 4.98 is only for 75% LTV for 25 years, the others are more and all charge interest on a monthly rather than daily basis so it could work out more expensive than you think.

MortgageMamma

Dusk_is_Falling wrote:

I've had a look at that one but the 4.98 is only for 75% LTV for 25 years, the others are more and all charge interest on a monthly rather than daily basis so it could work out more expensive than you think.

Hi Duck

Found anything you like better than the skipton capped deal I mentioned?