Thinking about fixing your mortgage for 10 years or longer? Here are the pros and cons

K_S

newsgroupmonkey_ said:

K_S said:

Sarah1Mitty2 said:

Are there any lenders that would let you fix for more than ten years, or is ten the limit?

@sarah1mitty2 Off of the top of my head, Virgin does 15 year fixes and Kensington, Habito do term-fixes. Can't think of any other lenders who offer over 10 year fixes.

According to MoneySupermarket (This site's owners), Tipton, Vernon, Kensington and Swansea will offer me a lifetime on my LTV (60%). Tipton comes up as 2.3%.

I think we'd all agree that's something I'd definitely sign up to if my fixed was due (sadly, it's due in 18 months time).

@newsgroupmonkey_ The Tipton, Vernon and Swansea products are all term-discount (variable) products, not term-fixes.

newsgroupmonkey_

K_S said:

newsgroupmonkey_ said:

K_S said:

Sarah1Mitty2 said:

Are there any lenders that would let you fix for more than ten years, or is ten the limit?

@sarah1mitty2 Off of the top of my head, Virgin does 15 year fixes and Kensington, Habito do term-fixes. Can't think of any other lenders who offer over 10 year fixes.

According to MoneySupermarket (This site's owners), Tipton, Vernon, Kensington and Swansea will offer me a lifetime on my LTV (60%). Tipton comes up as 2.3%.

I think we'd all agree that's something I'd definitely sign up to if my fixed was due (sadly, it's due in 18 months time).

@newsgroupmonkey_ The Tipton, Vernon and Swansea products are all term-discount (variable) products, not term-fixes.

I can assure you they were fixed. Sadly, most are no longer available (I clicked on the link)

Kensington is the only one left.

I know the difference between a discounted variable (i.e. tracker) and a fixed.

K_S

newsgroupmonkey_ said:

K_S said:

newsgroupmonkey_ said:

K_S said:

Sarah1Mitty2 said:

Are there any lenders that would let you fix for more than ten years, or is ten the limit?

@sarah1mitty2 Off of the top of my head, Virgin does 15 year fixes and Kensington, Habito do term-fixes. Can't think of any other lenders who offer over 10 year fixes.

According to MoneySupermarket (This site's owners), Tipton, Vernon, Kensington and Swansea will offer me a lifetime on my LTV (60%). Tipton comes up as 2.3%.

I think we'd all agree that's something I'd definitely sign up to if my fixed was due (sadly, it's due in 18 months time).

@newsgroupmonkey_ The Tipton, Vernon and Swansea products are all term-discount (variable) products, not term-fixes.

I can assure you they were fixed. Sadly, most are no longer available (I clicked on the link)

Kensington is the only one left.

I know the difference between a discounted variable (i.e. tracker) and a fixed.

@newsgroupmonkey_I have no idea what the MSM mortgage finder showed, but Vernon, Tipton, Swansea have not offered a term-fix in recent times.

Trust me, like most other brokers, I would know if they did. One because I search for term-fix options for clients every few weeks and it's only been Kensington and Habito that come up as options on my sourcing. And two because they would be shouting about it from the (industry) rooftops if they were one of the handful of lenders offering a term fix and I would have heard of it that way.

I don't doubt that you know the difference between a discount and a fix, perhaps the MSM finder was displaying it incorrectly.

Sarah1Mitty2

zagubov said:

You used to get 25-year fixes. My parents had one back in the 60s. Weren't common at all though.

How did you get it back then, larger than normal deposit or through a specialist broker or similar?

Just_A_Dad

Just jumping on this - the swansea and tipton was lifetime discounted - not fixed.
I know this as I applied for the Tipton one and only after the initial searches etc was it confirmed to me that it was a discounted lifetime - NOT FIXED

The MSM was classing it wrong - I did make a complaint to the Broker about it.

Since then I've discovered the Kensington fixed - which is a fixed and I can have it for 18 years

Sarah1Mitty2

Just_A_Dad said:

Just jumping on this - the swansea and tipton was lifetime discounted - not fixed.
I know this as I applied for the Tipton one and only after the initial searches etc was it confirmed to me that it was a discounted lifetime - NOT FIXED

The MSM was classing it wrong - I did make a complaint to the Broker about it.

Since then I've discovered the Kensington fixed - which is a fixed and I can have it for 18 years

What is the interest rate on that one?

newsgroupmonkey_

Sarah1Mitty2 said:

Just_A_Dad said:

Just jumping on this - the swansea and tipton was lifetime discounted - not fixed.
I know this as I applied for the Tipton one and only after the initial searches etc was it confirmed to me that it was a discounted lifetime - NOT FIXED

The MSM was classing it wrong - I did make a complaint to the Broker about it.

Since then I've discovered the Kensington fixed - which is a fixed and I can have it for 18 years

What is the interest rate on that one?

As above, for me, it would be 3.09%. I dunno if that's general or the amount I borrowed against a 54% LTV.

If I was refinancing around now, I'd probably jump at that. Interest rates are going one way.

That's not to say that in 10 years time, they're not back down to under 2%, but I like the idea of knowing how much I'm going to pay every month.

K_S

Sarah1Mitty2 said:

Just_A_Dad said:

Just jumping on this - the swansea and tipton was lifetime discounted - not fixed.
I know this as I applied for the Tipton one and only after the initial searches etc was it confirmed to me that it was a discounted lifetime - NOT FIXED

The MSM was classing it wrong - I did make a complaint to the Broker about it.

Since then I've discovered the Kensington fixed - which is a fixed and I can have it for 18 years

What is the interest rate on that one?

@sarah1mitty2 Page 20 onwards on the Kensington product guide has all the FFFT products/rates as of today
https://www.kensingtonmortgages.co.uk/docs/default-source/product-guides/residential-product-guide.pdf

BlueC

newsgroupmonkey_ said:

Sarah1Mitty2 said:

Just_A_Dad said:

Just jumping on this - the swansea and tipton was lifetime discounted - not fixed.
I know this as I applied for the Tipton one and only after the initial searches etc was it confirmed to me that it was a discounted lifetime - NOT FIXED

The MSM was classing it wrong - I did make a complaint to the Broker about it.

Since then I've discovered the Kensington fixed - which is a fixed and I can have it for 18 years

What is the interest rate on that one?

As above, for me, it would be 3.09%. I dunno if that's general or the amount I borrowed against a 54% LTV.

If I was refinancing around now, I'd probably jump at that. Interest rates are going one way.

That's not to say that in 10 years time, they're not back down to under 2%, but I like the idea of knowing how much I'm going to pay every month.

3.09% fixed for term is a cracking deal IMO.

simon_or

K_S said:

Sarah1Mitty2 said:

Just_A_Dad said:

Just jumping on this - the swansea and tipton was lifetime discounted - not fixed.
I know this as I applied for the Tipton one and only after the initial searches etc was it confirmed to me that it was a discounted lifetime - NOT FIXED

The MSM was classing it wrong - I did make a complaint to the Broker about it.

Since then I've discovered the Kensington fixed - which is a fixed and I can have it for 18 years

What is the interest rate on that one?

@sarah1mitty2 Page 20 onwards on the Kensington product guide has all the FFFT products/rates as of today
https://www.kensingtonmortgages.co.uk/docs/default-source/product-guides/residential-product-guide.pdf

Some really attractive rates on there if you're in for a long fix.

I saw this on another thread, what I particularly like is that when moving you can either port or simply pay off the mortgage and move to another bank without any ERC. That's a really good feature. That's what usually puts me off long fixes.