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FTB with big deposit. Good time to tie into a fixed rate for 10years?
mickym
Posts: 462 Forumite
1st time buyers here.
We have saved up £20k of our own cash, and are luckily being helped by family to increase our deposit stake.
Originally was an additional £15k but have had the offer of a further £5k to bring our total deposit of £40k on a house worth £155k.
When we had the £35k deposit in mind, We were eying an ING Direct fixed mortgage for 5yrs at 4.44% £662.92 per month... and we took out a mortgage in principle based on this.
However doing some research today on some comparison sites it seems Yorkshire Building Society would be able to offer us a 10yr fixed at either 4.19% (with extra set up fees) / £623 per month or 4.39 (with minimal setup fees) / £632 per month.
As interest rates are likely to be the lowest they will ever be, my common sense is telling me this is a great idea to snap up.
Id be interested in what people have to say on this though?
We need to make a decision quick as we are up against other bidders, and it needs to be a quick sale.
Thanks
We have saved up £20k of our own cash, and are luckily being helped by family to increase our deposit stake.
Originally was an additional £15k but have had the offer of a further £5k to bring our total deposit of £40k on a house worth £155k.
When we had the £35k deposit in mind, We were eying an ING Direct fixed mortgage for 5yrs at 4.44% £662.92 per month... and we took out a mortgage in principle based on this.
However doing some research today on some comparison sites it seems Yorkshire Building Society would be able to offer us a 10yr fixed at either 4.19% (with extra set up fees) / £623 per month or 4.39 (with minimal setup fees) / £632 per month.
As interest rates are likely to be the lowest they will ever be, my common sense is telling me this is a great idea to snap up.
Id be interested in what people have to say on this though?
We need to make a decision quick as we are up against other bidders, and it needs to be a quick sale.
Thanks
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