So you're taking out a new mortgage today...

silvercar

I would go for a BoE base rate lifetime offset tracker. The advantage of not having to pay out arrangement fees for another mortgage would be good; offet because I envisage having savings to put against the mortgage.

In 1993 I went for a 7 year fixed rate as money was tight and I wanted to be sure I could afford the repayments. The rate, that was great at the time, was 8.65% - forever fixed in my mind!

Markyt

My works mortgage - no fees, BoE base rate, no tie in. :-)

If not that, a two year fixed at the lowest rate i could get, then hit it with overpayments.

TighterThanTwoCoatsOfPain

silvercar wrote: »

In 1993 I went for a 7 year fixed rate as money was tight and I wanted to be sure I could afford the repayments. The rate, that was great at the time, was 8.65% - forever fixed in my mind!

HOLY CRAP! There were guys at my work screwing that they fixed for 3-5 years at around 6.5% i think it was c.1999-2000.

Just out of interest, does anybody realistically imagine Fixed rates for long term 5-10Yr plus are going to be readily available at 3.x% or very low 4s?

Obviously we have dipped to low 4.s before, but you wouldnt have got a 10 year fix at that rate..

Just a general question, but are people literally holding out for that extra 0.5% drop which may never come before fixing lond term, or are you the sort of person who would just never fix for that long?

bankersmug

Historically interest rates have been above 5%. Take a look at this link:
http://www.moneyextra.com/dictionary/Interest-rate-history-003455.html

Anyone who managed to find a 10 year fix in Summer 2003 and has been making overpayments has my utmost respect (and envy!).

EdInvestor

It's clear that most people are going for 5-year deals or longer, if only to avoid the fees, which are now so high.

neas

fix for 5 years and ensure I could comfottabley pay mortgage... I'd be overpaying the mortgage as much as possible to buffet myself also .