Remortgage

YummyPancake

Hi, our current fixed rate is ending 30/6/20.  I am keen to secure a new deal now with the current lender (Coventry).  

1. Should I fix it for another 5 years or take the plunge for and go for 10?  For the security of low rate?
2. OH is self employed so thinking of borrowing for 25 years to lower monthly payment as we don’t know what the household income is going to be once the madness is over...(!!) but can overpay if resume.
3. I am reluctant to go to a broker as current lender requires no paperwork!  Keen to get it all done ASAP.

Do you think I am being silly and wasting money or good idea?
thanks

maximoose94

5 year vs 10 year depends on what you're more comfortable with. 10 year gives you the security that if you change jobs, salary changes etc then no one will be checking as long as you're paying. 

Why not go for the longest term you can get and then overpay? That way if you have a month where money is tight the mortgage payment is the lowest it can be. Obviously this depends on how big your mortgage is to ensure you don't hit ERC.

Have a look online at other banks to compare your rate. 

IAMIAM

I would pluck for a 5 year fix - they see to be 'better value' than 2 year fixes at the minute.

Schoolworker

I recently changed my deal of my mortgage with my existing lender 3 months before expiry. I took a 5yr as seemed really good that was before the latest cut. Personally 20yr seems to long for me cause you don't know what lies ahead if moving home etc. It's up to you. 

ria28

Hi I am due to renew my mortgage in June is this a good time to start looking.

haras_n0sirrah

ria28 said:

Hi I am due to renew my mortgage in June is this a good time to start looking.

It depends on your situation and your loan to value. A lot of lenders have removed deals as there are no surveyors so if you have a high loan to value then now it may be difficult to remortgage,

sysadmin

My remortgage is going through this month
ive gone for a 10 year fixed with exit fees only up to 5 years. Rate is 2.1%

I want to know what my fixed outgoings are each month 

YummyPancake

Thanks.  We have LTV under 50% if house values stays the same as Zoopla.  Had a quick look and I can get for 20 or 25 years:
1) 1.55% (5yr fixed) with £999 fee;
2) 1.75% (5yr fixed) 0 fee
3) 2.09% (10yr fixed) £999 fee

with current mortgage we have 18 years left and current fixed rate 2.89% ending June.

thanks.  Is it a good idea to extend the terms?