We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Advice on first mortgage
fossman
Posts: 364 Forumite
We are buying a new build house and in April we needed to have a mortgage offer in place so we could exchange contracts.
We went for a fixed rate of 4.59% with Alliance & Leicester until April 2008.
The mortgage has not yet started as the house is not finished and with the increase in interest rates I wondered whether we would be better off getting a new mortgage offer.
The one I was looking at was 10 years fixed at 5.18% with Nationwide, this would cost us £40 a month more than the 4.59% mortgage but we would not have any remortgaging costs in 16 months time.
Our mortgage advisor has said he woudn't touch it with a barge pole but I wonder if this is just because he will miss out on commissions when we remortgage.
Your views on this will be greatly appreciated.
We went for a fixed rate of 4.59% with Alliance & Leicester until April 2008.
The mortgage has not yet started as the house is not finished and with the increase in interest rates I wondered whether we would be better off getting a new mortgage offer.
The one I was looking at was 10 years fixed at 5.18% with Nationwide, this would cost us £40 a month more than the 4.59% mortgage but we would not have any remortgaging costs in 16 months time.
Our mortgage advisor has said he woudn't touch it with a barge pole but I wonder if this is just because he will miss out on commissions when we remortgage.
Your views on this will be greatly appreciated.
Cashback earned
Quidco : £858
Pigsback : £20 and a Beatles CD.
Quidco : £858
Pigsback : £20 and a Beatles CD.
0
Comments
-
we fixed for 7 years in 1993......at a rate of 8.65%!
who knows what the future holds?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards