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joshparker1911
Posts: 60 Forumite
Now I know everything's abit of a guessing game at the minute but I'm looking to change from my fixed mortgage with sandander. Options are 2/3 year fix for 1.79 percent or 5 year fix for 1.94. With there being so little in it percentage wise, £5 a month payment wise with is it worth locking it in for longer?
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Do you plan on staying where you are for 5 years?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Yes I think so, no plans to move unless something drastic happens0
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Assuming the fees are the same, I would probably go for the 5 year personally. Rates may go up, they may not. But if the "insurance policy" so speak is a fiver a month, it seems worth it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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£5 change in payment is meaningless without the context for those rates
Amount being borrowed, term, fees, payment0 -
First Direct have a 5 year fixed repayment mortgage for 1.64% with no fees, assuming your LTV is below 60%.
At 1.94% for 5 years, Santander looks expensive, and also their Early Redemption Fees are much higher.0 -
LTV I'm 75 percent unfortunately so wouldn't be able to get that.0
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First Direct rate is 1.84% in that case (5 years, 75% LTV, no fees) so still cheaper than Santander...joshparker1911 wrote: »LTV I'm 75 percent unfortunately so wouldn't be able to get that.0 -
It is a personal choice, if you are pretty sure you won't move house in the next 5 years I would be inclined to go for the 5 year fix.
- Original mortgage end date: March 2041
- Current mortgage end date: Dec 2032
- MFW 2026 #15 400/2000 /// MFW 2025 #15 1628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
- Daily interest is currently £3.56
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