About to move, is 10 year fixed good idea?

MrMrMr

About to move home to a lot more expensive house. My current mortgage has 13 years left, I think to afford new house we'll have to go back to at least a 25 year mortgage again.

So been looking about a little, and notice there is a 10 year fixed rate mortgage. Are these a good idea? the rate for it is 4.99% whereas the 5 year fixed is 3.59%.

Working on my figures it works out about £100/month between a 2 or 3 or 5 year fixed to a 10 year fixed.

Anyone any ideas? my current mortgage runs out in a couple of weeks, switching to a SVR and is going up £45/month from what it is now, so need to sort something asap really.

Also an extra ask...
Job is fine, me and wife work full time, so is it a good idea to go from a 13 year (current) back unto a a 25 year mortgage, obviously its a much better house and we both want to move (and the kids!). then maybe in future when kids leave nest, maybe downgrade house, sell up, then reset mortgage to a less than 25 year? Is this what people do?

Wife says friend at work has a nigh on 100% mortgage to what her flat has just been valued at, and her mortgage is for 40 year!!! didn't even know they went that high!

thanks

MrMrMr

just seen the thread
https://forums.moneysavingexpert.com/discussion/3755273

about a 3.99% over 10 years with a £300 arrangement fee, seems decent deal? I never heard of the establishment though, I'm from up north, can I still ge this deal? are the company ok?

I wouldn't be moving for 10 years (see my other thread, current mortgage running out next month, and hoping to move), so would get this for the new house and stay for 10 years.

Any comments, on other 10 years? or if they are a good idea?

agrinnall

The Norwich and Peterborough Building Society have been in existence since 1852 and are now part of the Yorkshire Building Society group, so maybe they can in fact be regarded as coming from 'oop north' now.

MrMrMr

agrinnall wrote: »

The Norwich and Peterborough Building Society have been in existence since 1852 and are now part of the Yorkshire Building Society group, so maybe they can in fact be regarded as coming from 'oop north' now.

i'm a bit further 'pop north' than that even but thanks.

So is this a good deal? would be for about 110K mortg with about 70% LTV.

cheers