5 or 10 year fixed rate

lottie3000

What are peoples thoughts on fixing for 5 or 10 year periods? I am thinking of going for a 10 year fixed rate but a little nervous. Has anyone taken up a 10 year fixed rate? My mortgage has 18 years left to run and it would be for £105,000/

David_White

I'd be wary of other peoples opinions on a subject like this as the choice should very much be down to your specific circumstances.

For example, do you intend to move in the next 10 years, is this a joint application, will you want to borrow more in the future?

All of the above may be possible if you were tied in to a rate, but not quite as straight forward and your choices could be limited.

lottie3000

I hadn't thought about borrowing more in the future and this may well be something that we'd like to do.

I don'k we'll move in the next 10 years but I can port this mortgage I have checked.

touch*my*food*feel*myfork

We have just fixed for 5 years on a similar amount to you with 14 years left to run.
We are currently on the SVR (2.5%) and to fix works out at £4 per month cheaper with no fees
so in the end we decided to go for it
but as said above it is a personal choice for everyone

libf

lottie3000 wrote: »

I hadn't thought about borrowing more in the future and this may well be something that we'd like to do.

I don'k we'll move in the next 10 years but I can port this mortgage I have checked.

To port you have to meet the lender's criteria at the time. No one can say for sure what this will entail, so consider the ERC carefully.

GoldenShadow

As someone said, depends on personal circumstances.

We have just bought and are gone for a 5 year fix. If we moved within 5 years we would have !!!!!! all from it anyway (FTB with 10% deposit) and there is nothing we can think of that would require us to move further away. Near to London re work, family all here etc.

MARTYM8`

TSB have a ten year fix you can leave without penalty after 5.

http://www.tsb.co.uk/mortgages/remortgaging/10-year-fixed-rates/

But you need to compare the rates - and what works for your circumstances.

getmore4less

what rate/deal are you on now?

if a good one like base+<=2% you might want to look at followon rate of new deals and consider the risk you can't change again in the future or fees go up.