Advice for first time remortgage on a 10 year fix, do I end early for cheaper mortgage?

fewcloudy

AnotherJoe wrote: »

Why do you think Brexit would cause rates to rise? Its more likely to make them fall !

I was about to say the same thing!

And if I'd been stuck on 4.39% for the last 8 years I wouldn't touch another fix with a barge pole!

fc

mickym

@anotherjoe You say I could half it, my monthly payments are £630 per month, where and how could I get them halved?

@fewcloudy Hi, unfortunately we are not gifted with a crystal ball with what is going to happen in the future with regards mortgage rates, looking back now, obviously we could of paid a fair bit less. At the time the fix was a decent rate for the security of that duration, and as before buying the monthly rate was similar to what we were paying for rent so we knew we could afford it....with two young children and only one of us working full time, we looked for security of what a fixed offered.

mickym

On another note... perhaps this time around dealing with a financial advisor might be worth while, but i am paranoid that they would be looking to choose the deal that gives them the best offer rather than us.

Im happy to be proved different though. based in the Three Counties here, so not sure if anyone can be recommended.

getmore4less

When you crunch the numbers the downside is limited.

The Coventry can be compared fairly with any 5y fix and it goes ERC free at Y5.

you can calculate the most you could lose out by picking a 5y over the 10y in the first 5 years.

Then what a further 5y rate would have to go to be worse off after 10y or 7years if you use 2y fixes.

To benefit from potential drops you need a tracker or a shorter fix.

If rates do drop will that be once or twice, work out the loss by fixing against the other products.

AnotherJoe

mickym wrote: »

@anotherjoe You say I could half it, my monthly payments are £630 per month, where and how could we get them halved.

Halve the rates not payments.

mickym wrote: »

@fewcloudy Hi, unfortunately we are not gifted with a crystal ball with what is going to happen in the future with regards mortgage rates, looking back now, obviously we could of paid a fair bit less. At the time the fix was a decent rate for the security of that duration,

Well I'd say it wasn't !

and as before buying the monthly rate was similar to what we were paying for rent so we knew we could afford it....with two young children and only one of us working full time, we looked for security of what a fixed offered.

It was also the security of paying too much which seems to be the frying pan you'll be jumping out of when you do another ten year fix.