10 year fixed with Co op. 5.2%

MrsCrafty

I am just about to take out this mortgage. I like fixed rates and needed to take some money out of our house to finish it. If I get made redundant and there are loads of houses on our street, I want people to buy mine. So it's for upgrading of the house, some of it needed before anyone could get a mortgage on it.

What do you lot reckon?

Henry_P_Chester

In my opinion 10yr fixes are a very good deal at the moment. Who knows how high rates could go in the coming years.

You know what you ate paying and you can budget accordingly.

Pincher

Ten year fix = Early Redemption penalty, which is a downer if you have to sell due to redundancy.
Otherwise it's a great rate for ten years.

For someone with a fear of long term commitment, First Direct is doing 4.29% fixed for 5 years, LTV 65%, £998 fee.

MrsCrafty

Pincher wrote: »

Ten year fix = Early Redemption penalty, which is a downer if you have to sell due to redundancy.
Otherwise it's a great rate for ten years.

For someone with a fear of long term commitment, First Direct is doing 4.29% fixed for 5 years, LTV 65%, £998 fee.

I did look at this but am terrified that rates will be just about rising at this point.

Person_one

I think it looks great, I'm really hoping it stays available long enough for me to take advantage of it!

Only problem would be obviously if you need to sell up within ten years but I assume that isn't the plan if you're considering such a long fix. And nothing's certain in life, you have to do what seems like the right idea with the information you have right now!

Quenastoise

We went for a long-term fixed rates with C&G last year (20 years at 5.29 %), but I made sure to pick up a mortgage that allowed regular overpayments with immediate interest recalculation from the date of overpayment. We have now upped our monthly payments by £ 175 and cut 6 years off the mortgage provided we keep overpaying the same amount.

Person_one

My last co-op mortgage was a capped tracker and allowed overpayments of 10% each year, I think its the same with all their products.

ray123

Co-op/Britannia are offering a 5 year fixed at 3.99%, LTV 75%. Anyone looking for a 5 year fixed will not get a better deal than this!

http://britannia.co.uk/_site/channels/mortgage/products/5yr-fixed.html