Help with remortgage!

cgillespie

I am due to come off a fixed rate with Nationwide (4.69%) at the end of August this year.

I have looked at a few options and come to the conclusion that First Direct's fixed off set rate of 5.39% for 5 yrs would be good, or even their rate of 5.49% on a ten yr fixed deal.

Would fixing for 10yrs be crazy in todays market?

My other option is to look at these low rate tracker deals. I always read that interest rates will drop - maybe to as low as 4% by the middle of next year. Would fixing at the above rates be a daft thing to do?

Advice would be gratefully appreciated!

fraggle8

i have also recently asked for advice for remortgaging. from my reasearch one of the best ones available is hsbc life term tracker at 0.49 above base rate for term of mortgage they will mortgage up to 90% of property value (currently awaiting callback to see if im elidgable!!)

first direct are not currently offering new mortgages??

egg also appear to have quite a good deal.

dimbo61

the bank of england base rate may well drop to 4% who knows ?
but that does not mean that mortgage rates will drop to that level
in fact I think that rates have been historically over six percent since
the second world war.
If you can get a long term fix below 6% then I would bite there hand
off and overpay to become mortgage free ASAP
Is the HSBC life term tracker 0.49 above the HSBC base rate or the BOE
base rate ?
Remortgaging every 2/3 years is expensive due to remortgage costs and who knows what mortgage rates will be in 2/3/5 years .
This is your decision, I am in the middle of a 5 year fix ( LUCKY ME !)
GOOD LUCK

narced

cgillespie wrote: »

Would fixing for 10yrs be crazy in todays market?

I think the days of cheap money are over, so if I was you I'd go for it.

cgillespie

I presume 5.49% is a good rate for a ten yr fixed?

Costs on this one were £700 (inc valuation).