Another mortgage thinking out loud post.......

Nickynoo1

My £110,000 mortgage deal ends 31st March 2023.  Due to increased rates I would now unlikely pass affordability stress tests with other lenders so looking at remaining with Nationwide.  Either 5 year fixed at 5.14% or just go for a 10-year fixed at 4.84% and be done with any worry.  
I don't know if I'll be living in this house in 10 years (hopefully relationship moves forward to living together) but who knows!
What else should I consider before I press confirm?????

K_S

@Nickynoo1 As far as 5 year fixes go that's a very competitive rate so don't beat yourself up about not being able to access other lenders.

Cant tell you what to pick between a 5 year and 10 year but if you're going with the 10yr fix, don't do it just based on rate, the difference in rate is quite small but the lock in period is double the length.

Nickynoo1 said:

My £110,000 mortgage deal ends 31st March 2023.  Due to increased rates I would now unlikely pass affordability stress tests with other lenders so looking at remaining with Nationwide.  Either 5 year fixed at 5.14% or just go for a 10-year fixed at 4.84% and be done with any worry.  
I don't know if I'll be living in this house in 10 years (hopefully relationship moves forward to living together) but who knows!
What else should I consider before I press confirm?????

Nickynoo1

So I decided to go with the 10 year deal for various reasons.  It wont start until the 1st April 2023.  IThere are fees of £995, which I opted to add to the mortgage.  Just wondering, if i decided not to go ahead with that offer before 1st April (if better deals came about)  would i need to pay the £995?  Im not sure its clear?  Can anyone help?

Many thanks

Specs:
How long will this offer be valid for, and when would we withdraw it? This mortgage offer will expire on 1st April 2023. If you do not confirm that you wish to go ahead with the product switch before your offer expires, the product shown in the mortgage illustration may no longer be available. Withdrawing from this mortgage and your right to repay You’re free to decline our offer but you may lose any fees that you’ve already paid or are payable to us. Once the product switch has taken effect you’ll be unable to withdraw from it. However, you can repay the mortgage in full subject to the payment of any early repayment charges or other fees, at any time. Your mortgage illustration shows any relevant fees or charges