Advice on what mortgage

CJ2000

Been pointed this way for advice on what mortgage to go for.

Currently with Nationwide but the fixed 5 yr deal ends 30th November. Done a bit of homework and so far the Woolwich Switch & Save seems the best but unsure whether or not to go for a fixed 10 year one.

We're looking to borrow £58k and pay it off over 10 years. The most I've ever gone for before is 5yrs fixed and so am unsure whether it's wise to tie myself up for the rest of the mortgage on one rate or if a 5yr one would be wiser and then look again in 2012 and possible reduce down to 2yrs.

I realise everyone's situation is different but any suggestions would be gratefully received.

apk1

For a 5 yr deal Bank of Ireland at 6.04% free val and £250 towards legals, no arrangement fee.

For a 10 yr deal Woolwich @5.59% free val and legals but £995 fee.

The choice is yours 5.59% is a good rate and gives peace of mind for the full term, overpayments are allowed but only 5%. You should consider where you will be in 10 years, do you intend moving ? if so a shorter term would provide more flexibilty.

Troubleatmill_2

CJ
As to your most important point of being "tied in".
I believe that you are welcome to find another lender at any time.

Thoughts from the floor - if I have got it wrong...

CJ2000

Thanks for the reply. Had a little thought about it today and decided to go for a 5 year one and then in 2012 when it comes to re-doing it perhaps halfing it again so overall be paid off in 7/8 years time instead of 10.

I'll have a look at the Bank of Ireland one.