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Fixed rate mortgage question (10 year)
spoony77
Posts: 30 Forumite
Hi there
Is it possible to take out a 10 year fixed rate mortgage on a 10 year term?
The yorkshire are offering 3.89% fixed for 10 years with no fee which is tempting but want to paid off fully in 10 years.
Any advice appreciated.
Is it possible to take out a 10 year fixed rate mortgage on a 10 year term?
The yorkshire are offering 3.89% fixed for 10 years with no fee which is tempting but want to paid off fully in 10 years.
Any advice appreciated.
0
Comments
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Yes you can, just check whether it has a set term or end date - if its a set end date you may need to make it just over.I am a Mortgage AdviserYou 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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What is your current term left on the mortgage?
You could stick to that - but still get the 10 year fix, overpaying the monthly amount so that it is paid off in 10 years.
If in those 10 years something should happen to your income - (job loss / similar) you will have a smaller mortgage to deal with (by not overpaying) - plus possibly a mortgage holiday due to the overpayments...0
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