Got to decide on remortgage fixed term. Advice please

betmunch

Jon_S wrote: »

and your a mortgage advisor ?!

Which is why I know why your getting such a poor response to your random list of products with no background information with which to make a decision.

With the information given there is nothing wrong with any of the products

betmunch

Jon_S wrote: »

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.

its titled "what option for remortgage should I choose?"

How is that not asking what we think you should do?

PixelPound

Jon_S wrote: »

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 ?

I wouldn't choose any - don't have a mortgage yet, still in the process of buying first house.

kingstreet

You should choose the option which best suits your circumstances and how you feel things might change in the coming years.

Giving advice means asking questions and matching product specifics to the answers given. Hence, if I asked you if you plan to repay the mortgage and emigrate in two years, I don't recommend a five year fix.

Jon_S_4

Thanks to everyone who has voted and hasn't tried to troll me !


I now remember why I don't come on this site very often.


The idea of me posting the options available to me was to get feedback as to other peoples choice on a remortgage if they had to choose.
its quite simple really. i'm not planning on emigrating, moving house or having a sex change.

Maelwys

Jon_S wrote: »

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 ?

I'm in a similarish position (Barclays mortgage, 2-year-fixed deal expiring at end of July).

Lifetime trackers at the moment seem decent because the base rate is so low, but I'm fully expecting that when (not if) that baserate rises, I'll end up seeing better rates available than (+1.99%). So it doesn't make sense to me for me to try to "future proof" things right now... but to just get the best shorter deal I can whilst interest rates are low, and use my excess cash to either earn interest in a savings account or overpay the mortgage (depending on my tax band and the achievable interest rates!)

Leaving Lifetime trackers aside, Fixed rate deal rates are broadly-speaking comparable to (non-lifetime) trackers at the moment. But base interest rates are about as low as they can go already, so whenever interest rates finally start rising then at least going for a fixed deal could potentially keep you on a lower rate for a bit longer.

Length of fixed deal is going to depend highly on personal circumstances, I know some prefer leaping from short-term deal to short-term deal and others locking in for as long as they can... and that's where the gamble comes in. You're basically betting on "when" and "how sharply" the Base Interest rate rise is going to start happening...

...but it's probably worth noting that at present there are a lot better rates out there than the ones Santander offer at any LTV. Even factoring in the cashback from having a 1-2-3 account with them. So I'd certainly check other lender's remortage options before committing to anything!! - https://www.moneysavingexpert.com/mortgages/best-buys/

(And in answer to your question: Personally if all I had to choose from was the list of options you listed, I'd go for the 2.79% 5-year fixed deal. However I note that I can't find that number currently listed on Santander's website. The closest is the 5-year fixed for 75% LTV at 2.74%. By comparison, the comparison tool's showing that several other lenders are offering fee-free 5-year fixeds for 75% LTV at 2.64% with £1000 cashback.)

Jon_S_4

thanks to everyone that has voted so far.

hcb42

it's not simple at all. You have given us no information on age, mortgage, circumstances, income, attitude to risk etc. Likewise if we voted, you have no idea on our circumstances either.

See a broker, or you need to form your own view on the above.

I wouldn't do any of them in my current circumstances, as I am about to remortgage on a much lower rate. But that's irrelevant.

Jon_S_4

hcb42 wrote: »

it's not simple at all.

Yes it is!


If you were given the choices which would you choose ?


Don't worry about my age, job,sexual preference etc.


Just vote or don't vote !

mrginge

I find that when i need to make a serious financial decision it's always best to ask random people to guess at an answer based on zero supporting information.

Of course when some of them point out the utter futility of my approach i like to have a big sulk and accuse them of being 'trolls' because that is a word that seems to be fashionable amongst people who don't like being told anything that doesn't fit with their opinion.