5yr or 10yr fixed?

iliria

I am due to remortgage my house and I'm not sure what to go for:

fixed 5yr at 1.59% or fixed 10 yr at 2.59%? Both provided by HSBC.

Any advice please?

gazter

iliria wrote: »

I am due to remortgage my house and I'm not sure what to go for:

fixed 5yr at 1.59% or fixed 10 yr at 2.59%? Both provided by HSBC.

Any advice please?

Are there any upfront fees? Do the numbers. Are the monthly payments much different? What are the consequences of entering a 10 year fix and wanting to end it early?

iliria

The choices I have are basically:

5yr fixed @ 1.59% with £950 upfront fees
5yr fixed @ 1.84% with no fees
10yr fixed @ 2.59% with no fees

It sounds like the middle one might be the best in this case. Unless I am mistaken?

juniordoc

That depends on how much the outstanding balance of your mortgage is.....

iliria

thankfully £82000

getmore4less

in 5 years paying £440pm (around 20y full term)

£82950 @ 1.59% £62350
£82000 @ 1.84% £62265
£82000 @ 2.59% £65171

Other factors, real full term, how much can you pay, do you want to overpay, LTV now and in 5 years , any plans to move or increase borrowing....

iliria

getmore4less wrote: »

in 5 years paying £440pm (around 20y full term)

£82950 @ 1.59% £62350
£82000 @ 1.84% £62265
£82000 @ 2.59% £65171

Other factors, real full term, how much can you pay, do you want to overpay, LTV now and in 5 years , any plans to move or increase borrowing....

Do the figures on the right the amount of mortgage left to pay after the fixed period? The mortgage advisor at the bank told me that the 1.84% option is better than the 1.59 option?? But looking at those figures it's the opposite.

getmore4less

iliria wrote: »

Do the figures on the right the amount of mortgage left to pay after the fixed period? The mortgage advisor at the bank told me that the 1.84% option is better than the 1.59 option?? But looking at those figures it's the opposite.

Why do you think that?