Best 10 Year Fixed Rate Deals Out There

Agent007

Hi guys, i'm looking to find the best deal on a fixed 10 year deal, not having a lot of luck down to not knowing where to go, or what to look for.

Could someone point me in the direction of who is offering the best rates on fixed 10 year terms ?

Thanks :beer:

mystic_trev

With higher IR's I'm not sure you should be thinking of 10 years? Maybe three, what do others think?

Agent007

mystic_trev wrote:

With higher IR's I'm not sure you should be thinking of 10 years? Maybe three, what do others think?

Well i am open to suggestions, like i say i need all the help i can get. Please help

ConsuelaBananaHammock

Why not have a chat with a broker, find yourself a fee free whole of market one and they will do all the leg work finding the best deal for you, There are plenty about who can give great advice:D

knuckledragger

Agent007,
Woolwich Open Plan are offering a 10yr fix at 5.37%

dwsjarcmcd

mystic_trev wrote:

With higher IR's I'm not sure you should be thinking of 10 years? Maybe three, what do others think?

I don't understand this comment. You know nothing about the OP's circumstances and attitude to interest rates, so because you don't like longer term rates doesn't mean that it doesn't suit others.

Yes there are downsides that people need to be aware of but there are upsides too. Longer term rates are very competative when measured against 2/3 year rates, and you can don't have to pay 5 x application fees, when compared to 2 year rates.

You can move house using the portabilty option, and I know people will say that that is like starting a new application with your lender and it's not guarenteed, but then neither is a new application with a new lender.

The main thing is to know the upsides and downsides of any product but taken from what's important to the individual, not anyone else.

elDeeJay

dwsjarcmcd wrote:

Yes there are downsides that people need to be aware of but there are upsides too.

just for clarity, what are these downsides? Other than if the IR drops you dont get to take advantage of them, what else is there?

Thanks

dwsjarcmcd

The primary downside is that the redemption charges tend to last for the whole period of the loan, so you are effectively locked into the deal for the whole 10 years (although you can still move house, using the portability option)

Obviously if you need to move lender, or they don't accept you under the portability option, then these fees are payable. They do, however, tend to decrease over the years i.e. they start of at say 5% for the 1st 3 years and reduce down until the end of the term.

HTH

helping_hubby

elDeeJay wrote:

just for clarity, what are these downsides? Other than if the IR drops you dont get to take advantage of them, what else is there?

Thanks

We've just got a mortgage - 5 year fixed rate. They also did a 10 year one. The difference on this particular one was that if you moved mortgages within the 10 years you had to pay 6% fee of the remaining mortgage (I think....or something along those lines). Whereas the 5 year one was a 3% fee.

You've just got to read the smallprint. But a IFA or similar should tell you all the pros and cons.

bernice_2

ive just get one for5.12% for 10yrs fees included with AWD home finance(mortgage broker) with ACCORD we were able to get enough money to get rid of a second charge on the house

bernice_2

agent007
if you use them for a free no obligation consultation let me know
bernice