10 year fixed - any reason not to?

johnboyinsole

I took out a fixed rate for 5 yrs with nationwide in 2012. Since then, mortgage rates have gone down even more on the LTV I'm on. So I could be saving an extra £35 a month in interest. Do I regret it? Absolutely not. Yes I may be paying more, but in my eyes, I see the fix as certainty that my payments wont change for 5 years and happy to pay a premium for that security. £35 is a cheap way of getting a good night's sleep and not worrying about the longest payments you will probably ever have, fluctuating.
When my term ends in 2017, I will almost certainly be taking out a 10 year mortgage (if they're still around), just to know that I wont ever pay a penny more until I have paid off my mortgage.

gavted

chrisw99 wrote: »

10 years fixed at 2.79% - fee of £999 , monthly payment £569.42
10 years fixed at 2.89% - fee of £0, monthly payment £572.69


So it was the one with the fee which was just a few quid more. If I had to choose I'd go for the £0 fee as it's only under £10 more than I pay now.

Looks to me like the £0 fee deal is a no brainer for you. Only £3.27 more per month, which equates to £392.40 for the deal term. Much cheaper. :j

I did have a NW fix a few years ago, and looked at one last time, and the OP limit was 10% or £500 per month, whichever was less. As you say your not in the OP position currently, so assuming the limits are similar, these wont affect you for a while. And a fixed payment will let you concentrate on the other debts you want to clear ASAP. :beer: