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15-year fixed rate mortgages
phoilmc
Posts: 13 Forumite
Does anyone have opinions (good or bad) on 15-year fixed rate mortgages? Northern Rock are currently offering 5.49% on a 15-year term and we are considering this option. Having a fixed rate for 15 years seems an attractive option as interest rates seem to be recovering from a ‘low’. In theory, benefits include not having to pay remortgage fees every 2-3 years when the short fixes expire and the accompanying 'hassles' are reduced. Is there a hidden cost in going for such a deal?
These longer-term fixed rates don’t seem to have caught on here yet, although they are very commonplace in the US, Netherlands etc. Thanks as ever for your thoughts and experiences.
These longer-term fixed rates don’t seem to have caught on here yet, although they are very commonplace in the US, Netherlands etc. Thanks as ever for your thoughts and experiences.
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Comments
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If you're after a really long term fixed mortgage, kent reliance building society are doing one for 25 years fixed at 5.15%
http://www.krbs.co.uk/25yrfix75.aspxMortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
I saw that KRBS 25-year deal too, Dithering Dad, and was impressed by the 5.15% rate. But although the mortgage is portable, it doesn't seem to allow ANY overpayments - which rules it out for me. S'pose you can't have it all...0
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Spangled wrote:I saw that KRBS 25-year deal too, Dithering Dad, and was impressed by the 5.15% rate. But although the mortgage is portable, it doesn't seem to allow ANY overpayments - which rules it out for me. S'pose you can't have it all...
Are you not alllowed the usual 10% per annum that seems standard these days?In an Acapulco hotel:
The manager has personally passed all the water served here.:rotfl:0 -
thanks folks for the info on the 25-year deal but focussing on a 15-year deal. Aim to pay off before 25 years! 0
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N-Rock fix is better then because no cap on under or over payments like its main rival Abbey 5.39%, which doesn't offer as much flexibility.0
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it would be a brave mortgage adviser to advise a client to take a 15yr fixed rate. Personally i think 5yrs at most. there are very few people who can say 100% they would can plan that far ahead.
Bradford and bingley were doing a 10yr fixed with 5yr tie in period which was nice, not sure if still available.I am an independent Mortgage Adviser And a Compliance Director:eek:
You should note that this site doesn't 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 shouldn't be seen as financial advice.0
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