Fix at 5.89% for 2 Yrs or 5 Yrs?

adr0ck

Can anyone offer any advice on the above

my current fixed rate deal ends at the end of the month

mortgage lender offering the above both with no fees

anyone know what would be the best to go for

i know its a bit crystal ballish but anyone any thoughts?

thanks

JoeK_3

5.89% for a two year fixed is not very good.

JoeK

adr0ck

i know its not that good.....its just that if i stay with my current mortgage provider i wont have to pay valuation and legal fee's etc

if i don't switch i'll be paying an extra £300 on top of what i'm paying now

so i need to switch

would i be better going for a tracker?

adr0ck

joek

could you please tell me what is good for a two year fixed

and whats your thoughts on fixing for 2 or 5 years?

thanks

KTF

Some lenders, such as Nationwide, will pay the legal fees relating to the move. All you pay is the product fee and exit fee (if any) from your existing product.

I would speak to a broker and say that you want deals that will pay the legal fees then see what they come up with. Nothing to lose by doing so...

adr0ck

thanks ktf

but don't i then also need to pay brokers fees???

i guess what i'm hoping for is to fix for 2 yrs then remortgage in two yrs time when hopefully interest rates will have come down (thinking being if we want to go into europe)??? what do u think

the only thing worrying me on interest rates is the big increases i believe were going to see in house prices this time next year when HIPS hits home...any thoughts???

KTF

Nope. Most brokers are free because they get commission from the lender. You do have the option to pay for the advice if you want though.

adr0ck

can i ask guys what is a good deal???

KTF

Unfortunately there is no such thing as a 'good' deal because everyones circumstances are different. This is why there are so many different products available.

You can do searched on https://www.moneyfacts.co.uk (or similar) to get an idea of whats out there based on your circumstances. Brokers also have access to deals that member of the public dont.

UK007BullDog

There are definately better deals available and a lot of lenders pay for the survey and solicitors so the fees for switching are quite low and also think long term as even with a fee if the interest rate is lower you might be able to save more by switching and paying a modest fee.

If you have no plans of moving or anything else then fix for 5 years. If you might have plans in 2 yrs time then fix just for 2 years.

Trackers can go up as well as down. My money is on another rate rise by late spring.