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Mortgage help
AlbaGuBrath
Posts: 7 Forumite
My wife and I are buying our first house together (we previously both owned our own properties, now sold).
The house value is £180,000 and we have £120,000 deposit so a good LTV ratio. We've also got a 4 month old daughter so fixing our mortgage seems a good idea for security, at least until she starts school in 5 years.
What I'm struggling to get my head round is whether a 10year or 5 year fixed is best. I appreciate that we may move within 10 years but in saying that the mortgage would be transferable and the interest rates could be 8-10% by then.
I know nobody has a crystal ball but I'm keen to get some impartial advice. Best 5year is 3.89 (20yr, £999 fees) and 10 year is 4.69%.
The house value is £180,000 and we have £120,000 deposit so a good LTV ratio. We've also got a 4 month old daughter so fixing our mortgage seems a good idea for security, at least until she starts school in 5 years.
What I'm struggling to get my head round is whether a 10year or 5 year fixed is best. I appreciate that we may move within 10 years but in saying that the mortgage would be transferable and the interest rates could be 8-10% by then.
I know nobody has a crystal ball but I'm keen to get some impartial advice. Best 5year is 3.89 (20yr, £999 fees) and 10 year is 4.69%.
0
Comments
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Personally why dont you go for a tracker mortgage (2.89%) with the facility to fix whenever you like, the set up fees are minimal and you are in control.I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.0
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