5 Year Fixed 1.55%

wes001

Hi All,

Looking for a bit of advice, my current Barclays fixed rate mortgage is due to end in October so I have started looking to see what rates are out there. Barclays are offering a rate switch of 1.55% fixed for 5 years. My current LTV is around 80% but the fixed rate covers up to 100% LTV
What is peoples opinions of this rate, would a broker be able to get me a better rate, it seems good to me.

Any advice would be great!

KAP0365

That’s a really good rate imo. We’ve just been quoted 1.84% fixed for 5 years on a new mortgage if we move. Many of the lowest rates eg 1.2% are only on a 2yr fixed basis 

zagubov

That looks quite enviable to me. You'd do well to find anything better IMHO.

dimbo61

Sounds good to me.
Are you planning on staying in the house for at least 5 years ?

getmore4less

That 1.55% rate look like the 75% LTV rate with £999 (no fee 1.85%)
80% rate is 1.77% £999 fee (not a no fee option)
how big is the mortgage you need to check if the fee is worth paying.

 

wes001

getmore4less said:

That 1.55% rate look like the 75% LTV rate with £999 (no fee 1.85%)
80% rate is 1.77% £999 fee (not a no fee option)
how big is the mortgage you need to check if the fee is worth paying.

 

I got the 1.55% from the website, below is the screen shot.

haras_n0sirrah

Just to check OP but is your loan between 2 million and 10 million pounds because the product is only valid for loans between those sizes

bell

Even 1.77% is a decent rate for a 5 year fix

IAMIAM

dimbo61 said:

Sounds good to me.
Are you planning on staying in the house for at least 5 years ?

I always feel like this is irrelevant these days? I would rather have a sum of money at 1.55% and pay for extra at a higher rate than secure something short term because I am moving, porting is in effect applying for a new mortgage anyway, so don't understand the issue of moving impacting 2 year vs 5 year 

Unicorn_cottage

IAMIAM said:

dimbo61 said:

Sounds good to me.
Are you planning on staying in the house for at least 5 years ?

I always feel like this is irrelevant these days? I would rather have a sum of money at 1.55% and pay for extra at a higher rate than secure something short term because I am moving, porting is in effect applying for a new mortgage anyway, so don't understand the issue of moving impacting 2 year vs 5 year 

@IAMIAM You may not be able to port the product. If you can port the product but want to buy a house which is more expensive or borrow additional funds then you can end up with 2 products which have different expiry dates which again gets tricky when you want to remortgage or move.
The product could have eye-wateringly high early redemption fees.
If the OP knows they are going to stay longer than 5 years they want to lock in if Barclays are offering a good deal.