Going to fixed rate - Opinions Please

AdamS

Hi,

Im currently on a variable 3.50%

I have been offered the following
2 year 3.34%
3 year 3.99%
5 year 4.49%

I think I can get slightly lower on the the 5 year, however its much easier to get it all done through my mortgage broker.

What's the best 5 year fixed rates posters have managed to obtain over the last few months? (so i can see how 4.49 compares).

With interest rates at an all time low, if deciding to fix, 5 year option seems to make the most sense.

I estimate changing to the 5 year fixed deal I will be increasing my payments £57 a month. Not something I relish while interest rates appear flat.

Any opinions welcomed.

Thanks in advance.

handytips

If your mortgage broker is whole of market, then go with their selections, i would ask them about track and fix products that are widely available, which will allow you to change to a fixed rate when rates rise, but there will be a further arrangement fee when you want to fix (probably). Sounds like you dont trust your broker ?
To realistically access your requirements then i would need to know how much you are borrowing, valuation of your property, and term of the mortgage, ie 15 years etc etc.
However the rates you have posted seem about right.

CountryGirl7676

Who is the 3yr fix of 3.99% with?

dimbo61

You dont give your LTV or amount outstanding on your mortgage but have you looked at YBS 3.99% 5 year fix fee £995

AdamS

Firstly, I do trust my broker! Thats not an issue.

My mortgage has 17 years to run, at least 65% LTV.

I have seen the YBS mortgage mentioned, but it's not offered through broker. My finances are complex, sole trader to limited company in recent years, get paid via dividends etc etc can all be a bit of an issue depending on what each bank accepts, e.g i couldnt get a small loan because i was paid mostly in dividends.

As regards what banks offer those rates Ive been shown, I dont know yet.

All the rates i was offered were fee free.

CountryGirl7676

fee free sounds gd can you let me know who the 3 yr fix is with once you know as i'd be interested in that one

Also HSBC are offering a lifetime tracker - fee free as well - 1.89% plus BoE - currently - 2.39% - not sure if this is suitabe for u or not????

rodman

the longer the better, rate is really good.

AdamS

The 3 yr is with Northern Rock, turns out there is a £99 application fee.

2010

One benefit of a fixed rate is that you know your out goings for the next few years and can budget accordingly.