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Got to decide on remortgage fixed term. Advice please

Options
Jon_S_4
Jon_S_4 Posts: 259 Forumite
Uniform Washer
edited 26 May 2015 at 9:16AM in Mortgages & endowments
My Santander Mortgage fixed term is coming to an end soon and I've been given options from Santander for a remortgage, all of which is less than the current interest rate that I pay now.


I'm unsure as to which one to choose and wondered what your opinions are ?




Thanks !


* Tracker life fee is £499 and not £4.99 !

Which option for remortgage should i choose ? 23 votes

Fixed 2 yr - 1.99% No Fee
13% 3 votes
Fixed 3yr - 2.54% No Fee
4% 1 vote
Fixed 5yr - 2.79% No Fee
56% 13 votes
Fixed 7 yr - 3.14% No fee
21% 5 votes
Tracker 2 yr - 0.99% above base rate. Fee £499
0% 0 votes
Tracker Life - 1.99% above base rate, Fee £4.99
4% 1 vote
«13

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    You might as well write them on a paper and chuck darts at them.
    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.
  • OneEngland
    OneEngland Posts: 31 Forumite
    How long to you intend to remain in the property for?
    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.
  • Jon_S_4
    Jon_S_4 Posts: 259 Forumite
    Uniform Washer
    OneEngland wrote: »
    How long to you intend to remain in the property for?


    I have no plans to move from this property.
  • Jon_S_4
    Jon_S_4 Posts: 259 Forumite
    Uniform Washer
    betmunch wrote: »
    You might as well write them on a paper and chuck darts at them.


    and your a mortgage advisor ?!
  • Jon_S_4
    Jon_S_4 Posts: 259 Forumite
    Uniform Washer
    148 views and only one vote ?


    Do none of you 148 have a mortgage ?




    which would you choose ?
  • Vestra
    Vestra Posts: 856 Forumite
    How much certainty do you want in how much you pay in the next 10 years? What do you think interest rates will do in the next 10 years?
  • Jon_S_4
    Jon_S_4 Posts: 259 Forumite
    Uniform Washer
    Vestra wrote: »
    How much certainty do you want in how much you pay in the next 10 years? What do you think interest rates will do in the next 10 years?


    I have a stable job and don't need the knowledge of what I will be paying in 10yrs.

    I've no idea what interest rates will be in 10 yrs.


    I was hoping to get everyone else's view as to which deal they would take.
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I've no idea what interest rates will be in 10 yrs.

    I've no idea what to expect rates to be in 2 yrs!....3yrs into 5yrs fixed

    What I do know is that time fly's.....the mtg I chose 3 yrs ago left a little bit of room hence been making small regular overpayments since
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • PixelPound
    PixelPound Posts: 3,058 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Jon_S wrote: »
    148 views and only one vote ?
    Are you surprised? Its a question where the answer anyone gives will vary depending on how they perceive your situation, and its a useless one. You could have 140 votes for 2 year fixed, doesn't mean that's your best option
    Do none of you 148 have a mortgage ?
    which would you choose ?

    A question like this where wanting to know peoples opinions on the likely market direction surely should be in Debate House Prices & the Economy forum? It does seem like its simply a throw away question

    If people are to choose what they would do, its all dependent on how they judge factors such as "security and peace of mind", "flexibility to move/adapt to changes in life situations", "lower instalments", etc.
  • Jon_S_4
    Jon_S_4 Posts: 259 Forumite
    Uniform Washer
    nic_c wrote: »
    Are you surprised? Its a question where the answer anyone gives will vary depending on how they perceive your situation....


    i'm just asking what would YOU do, not what do you think would be best for me as you don't know my financial situation.


    But if you were given the options as listed in the poll for a remortgage which would you choose ?
This discussion has been closed.
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