10 Year fixed rate mortgage at 3.24%

bigmondy

Since I read JimmyTheWig's post I'm now swithering - the 2.39% that Santander offer for 5 years on a 60% LTV does look mighty appealing.

Hmmmm?

Jhoney_2

Would have gone 5yr @ 2.39 myself Bigmondy, but went for the 1.38 tracker as hoping to move soon so the flexibility suits me better. Same fee I think, no ERC with overpayments up to 10% of annual balance.

The ERC is the tricky thing with that lender as it stays high throughout the term, whereas many/most lenders taper theirs as you get nearer the end.

bigmondy

Having the security over a five year period at that rate is now the most appealing to me. Come 2020 I will reconsider and go for something that will allow larger overpayments then.

Jhoney_2

Hi Bigmondy, FYI the santander rates have just gone down, so hopefully more savings for the overpayment budget.

kwmlondon

Carrera74 wrote: »

I'm tempted by the TSBs fix and flex deal for when we remortgage. It's a 10 year deal at 3.19 fixd but you can leave after 5 years with no penalty. There's no initial fee either. Sounds too good to be true. I think if you're have a current account holder you can get a better rate than the one above too.

Yup. I've actually just gone for this through my IFA. It's got no fees so it works out well for me (the better deal's fees rule them out) and knowing my outgoings for the next 10 years is very reassuring. Sure, I don't know how life will pan out for the next decade but if I move I can port the mortgage and if my relationship goes t**s up then the couple of thousand I'd have to pay as a penalty would be the least of my worries.

It's very much a personal decision really. For every situation there will be options and none are THE RIGHT ONE, there are simply different risks and your best option is to be as informed as you can be and make a decision based on what you think works for you.

audigex

With a 14 year term and a 10yr fixed 3% rate on offer, I really can't see major downsides from this. Even if you halved your capital in 5 years your interest rate won't drop significantly, and you're giving yourself great security on 70% of your remaining mortgage term

bigmondy

Jhoney wrote: »

Hi Bigmondy, FYI the santander rates have just gone down, so hopefully more savings for the overpayment budget.

Wow - that 5 year fixed rate for a 60% LTV is now absolutely perfect.

2.29%


:T


Audigex - I might still look at the 10 year Santander mortgage if the lock in is only for 5. Hmmmmmm?

Jhoney_2

bigmondy wrote: »

Wow - that 5 year fixed rate for a 60% LTV is now absolutely perfect.

2.29%


:T


Audigex - I might still look at the 10 year Santander mortgage if the lock in is only for 5. Hmmmmmm?

I think that's the TSB 10yr @ 3.19 that only has a 5yr lock-in..

bigmondy

Noted Jhoney.

I've settled for the 5 year at 2.29% - there is cashback with santander as well - not a lot - but better than a poke in the eye with a sharp interest rate rise.

Jhoney_2

Yes - I hope there's a similar fixed option around in the coming months, but i'm always the wrong side of the benefit! E.g, I just did my tracker deal and then the rates went down again (which is what I posted for you to research yesterday lol).

Still, could have been that poke in the eye instead!