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!
FTB with big deposit. Good time to tie into a fixed rate for 10years?
mickym
Posts: 457 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
0
Comments
-
Note cross-post which already has replies on it; suggest replies are confined to that other post
https://forums.moneysavingexpert.com/discussion/34648610
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards