fix for 2 years or 5 yrs thats dilema today??

foxyuk

INTEREST ONLY MORTGAGE LTV - 38%

ok my choice is 2 yrs fixed at 2.69% no fee or 5 yrs fixed at 2.79% with £995 down,,

ive worked out on my ltv its better paying £995 than the 3.09% with no fee if going for 5 yr

Big question after 2 years rates go well up

help if you mystic meg or got opinion

over 2 years its costing £6456 in interest, and over 5 its £17742 so if rate stays at 2.69 for 5 years will have cost £1600 extra for taking risk

michaels

I just did 5 years at 2.49% with Santander (about 1500 fee but free legals and valuation) - is this still available (It may be disguised as a 2 year on their website)? Does it work out cheaper for your advance size?

foxyuk

my os is £120k , the rate expires tomorrow so then on to rbs 3.99 so if I sort out asap will be sorted for next d/debit

on your rate id be £300 better off less £100 online cashback....

dotdash79

It's £27 a month difference however in 2 years time the fix rate you can get might be 1% worst what position would you be in then?

dimbo61

Have you got a repayment vehicle ? That the lender is happy with ?
Will you be 2/5 years older and still with £120K debt ?
If you look at other lenders they may well only offer you repayment deals !

foxyuk

dotdash79 wrote: »

It's £27 a month difference however in 2 years time the fix rate you can get might be 1% worst what position would you be in then?

that's true got to be more than 0.10% and £995 fee

argh as from Monday im on standard variable till they email me date new 5 year deal kicks in....... A lesson to be learned don't leave till last minute I thought new deal would kick in automatically tomorrow and paper work backdated...