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Re-Mortgage Deal Coming to an End
rfowler
Posts: 486 Forumite
Hi All,
We have been in our property for about 5 years and its that time where we need to start looking for a new deal. At the moment were on a 5 year fixed rate at 4.59% with Natwest.
They are currently offering 3.09% for 5 year fixed rate which I am really tempted by.
What do you guys think good to fix or not? and if not why?
I would be paying around £820 a month on the new deal giving some extra every month.
All thoughts and comments welcomed...
We have been in our property for about 5 years and its that time where we need to start looking for a new deal. At the moment were on a 5 year fixed rate at 4.59% with Natwest.
They are currently offering 3.09% for 5 year fixed rate which I am really tempted by.
What do you guys think good to fix or not? and if not why?
I would be paying around £820 a month on the new deal giving some extra every month.
All thoughts and comments welcomed...
0
Comments
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The only person who can really answer that question is you, as it depends whether you really want/need the certainty of knowing where you stand for those 5yrs.
One comment that I would make is that it's unlikely that banks standard variable rates, or the BofE base rate are going down...I am a mortgage adviser.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 -
So fixing is a no brainer your saying.....0
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What is the rate you automatically go onto once deal ends?
We bought in June 09 and had a 5 year fixed of 6.29% once that ends this june we automatically go onto their SVR which is 2% above base rate which is currently 0.5% so we are going down onto a 2.5% I am just going to stay on their SVR until the base rate starts going up again, I figure it should hopefully take a while before it gets near 6.29% again?Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid OffMortgage (01/04/09 - 01/07/39)
£79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off
Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20
Asda Savings - £0
POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80
~ Emergency Savings: £0
My Debt Free Diary (Link)0 -
I am a mortgage adviser.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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It may be sensible to consider a fixed rate, but the duration is going to depend on your circumstances and preferences.
You should also be comparing it with other options open to you. You appear to have set out one side of the equation, without the other.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Am one of those people who needs to know how much is going out every month and i can budget more better.
I know if I went on Variable I would save around £80 a month.0 -
... and two, three, four, seven, ten year fixed rates?
Are you choosing five years because you think it suits you best, or because it's what you've been offered and it looks easier than carrying out full research on the alternatives?
That's what I meant by other options.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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