We've fixed for 10 years - Phew

fitzmum

Well we finally made up our minds and decided to stay with the Nationwide (our fixed rate ends in May) and have opted for the 10yr fix at 5.68%. We have 11 years left on the mortgage so it feels good to know that our monthly payment won't change now until the mortgage is almost over (and we have endowments due to mature in 9 years anyway that we will put away till the fix ends to avoid an ERC if we pay money off the mortgage)

With all this talk of the credit crunch and fixed rates disappearing we thought we'd better act now and be on the safe side.

So.....i'm not allowed to pay any attention to whether interest rates go up or down (hubby says!!) :rotfl:

beecher

That must be a good feeling Definitely pay no more attention to interest rates - that's what I had to do when I was still paying over 8% and they were under 5%

Lotta

Of course you can still pay attention to them....but only when they have dropped significantly....

MABLE

fitzmum wrote: »

Well we finally made up our minds and decided to stay with the Nationwide (our fixed rate ends in May) and have opted for the 10yr fix at 5.68%. We have 11 years left on the mortgage so it feels good to know that our monthly payment won't change now until the mortgage is almost over (and we have endowments due to mature in 9 years anyway that we will put away till the fix ends to avoid an ERC if we pay money off the mortgage)

With all this talk of the credit crunch and fixed rates disappearing we thought we'd better act now and be on the safe side.

So.....i'm not allowed to pay any attention to whether interest rates go up or down (hubby says!!) :rotfl:

We did the same thing and fixed ours at 4.89% for 10 years. Interest rates may rise or may fall but we are comfortable with the amount we pay and to us thats all that matters.

Krisp_3

Yup, we have been on 2 fixed rates since owning our house. Our current one ends at the end of this year and we will have a think about what to do closer to the time. We've just found ourselves a gem of a broker, so will be calling him up when the time comes.

Looking at it, I thinkk we ended up being slightly better off by fixing, than not. Still, the certainty of the amount each month is a god-send.

stoke_bishop

fitzmum wrote: »

Well we finally made up our minds and decided to stay with the Nationwide (our fixed rate ends in May) and have opted for the 10yr fix at 5.68%. We have 11 years left on the mortgage so it feels good to know that our monthly payment won't change now until the mortgage is almost over (and we have endowments due to mature in 9 years anyway that we will put away till the fix ends to avoid an ERC if we pay money off the mortgage)

With all this talk of the credit crunch and fixed rates disappearing we thought we'd better act now and be on the safe side.

So.....i'm not allowed to pay any attention to whether interest rates go up or down (hubby says!!) :rotfl:

To be honest, I think you've done the right thing. Peace of mind and sleep at night can not be overrated. Also, unless your mortgage is a big one, falls in interest rates aren't gonna save you that much. Rates over that time may go down to 4 something, I doubt they'll go any lower. You can't put a price on peace of mind, but if you were gonna less than a hundred quid a month (in all likelihood) as a maximum is a price worth paying. So don't bother looking at rates (I'm not gonna). And be happy that you have done the right thing!!!

mrsm

Its a good feeling isn't it. We've fixed for 10 years too, at 5.15% with FD. Our mortgage isn't huge so even if rates dropped we still wouldn't be paying loads more. And its totally flexible, so we hope to make up for any future drops by paying off as much as we can so hopefully when the fixed rate finishes we can finish the mortgage