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5yr or 10yr Halifax Fixed Mortgage?
willyshatswig
Posts: 13 Forumite
It's time to renew our mortgage (2 years.). We have £90'950 left to pay over 23 years. This is made up of two parts 1) £86'374 (mortgage) and 2) £5'275 (borrow).
I have opted for a Halifax fixed mortgage at a 10 year (122 months) fixed rate of 5.99% for part 1); and a 4 year (44 months) fixed rate of 5.75% for part 2).
There's a one-off fee of £699 which can be spread over the mortgage making the total £91'649.
My monthly payments will be £633 (up from £580).
Is this a as good as I think it is? Or is there a lot better out there?
I have opted for a Halifax fixed mortgage at a 10 year (122 months) fixed rate of 5.99% for part 1); and a 4 year (44 months) fixed rate of 5.75% for part 2).
There's a one-off fee of £699 which can be spread over the mortgage making the total £91'649.
My monthly payments will be £633 (up from £580).
Is this a as good as I think it is? Or is there a lot better out there?
0
Comments
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willyshatswig wrote: »It's time to renew our mortgage (2 years.). We have £90'950 left to pay over 23 years. This is made up of two parts 1) £86'374 (mortgage) and 2) £5'275 (borrow).
I have opted for a Halifax fixed mortgage at a 10 year (122 months) fixed rate of 5.99% for part 1); and a 4 year (44 months) fixed rate of 5.75% for part 2).
There's a one-off fee of £699 which can be spread over the mortgage making the total £91'649.
My monthly payments will be £633 (up from £580).
Is this a as good as I think it is? Or is there a lot better out there?
If you look at the history of interest rates, 5.99% fixed for 10 years isn't bad at all. Looking around at whats currently available and taking into account charges etc, you seem to have a fair deal IMO.0 -
Woolwich have 10 year fixed at 5.59% with $ 999 fee.
First direct have 10 year offset mortgage 5.49% £ 600 fee. You would need to open a bank account with them though.0 -
Woolwich have 10 year fixed at 5.59% with $ 999 fee.
First direct have 10 year offset mortgage 5.49% £ 600 fee. You would need to open a bank account with them though.
Woolwich is a nice deal, though bear in mind it now has a maximum 60% LTV on it, and a 6% Early redemption charge.0 -
this seems a fair deal at the moment so go for it !
are you already with the halifax ?
having security of knowing what your mortgage will be for the next 10 years
is very good0 -
you also have a loan with your mortgage which will be cleared after
44 months if you can afford it then overpay by that amount each month and
you will knock years off the term and save thousands of pounds in interest !
GOOD LUCK0
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