We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Good deal / bad deal?

simkna
simkna Posts: 4 Newbie
in Mortgages & endowments
Just remortgaged yesterday with the Woolwich at 5.59% 10 year fixed. £995 fee (added to loan).

Did I do good, or should I have done better?

Si.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    simkna wrote: »
    Just remortgaged yesterday with the Woolwich at 5.59% 10 year fixed. £995 fee (added to loan).

    Did I do good, or should I have done better?

    Si.


    If you like a 10 year fixed rate, and you meet the criteria then it is fine
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    Thats a good deal in my opinion.
  • whu
    whu Posts: 23,461 Forumite
    10,000 Posts Combo Breaker
    welcome to the site - I agree with herbiesjp
    Keep the Faith:cool:
  • foreversummer
    foreversummer Posts: 837 Forumite
    Wish I could secure that rate now. My current deal with Abbey comes to an end in October, so too early yet to arrange a new deal.

    Got a horrible feeling they will be higher then.

    Think you've done the right thing!

    Foreversummer
  • simkna
    simkna Posts: 4 Newbie
    I must admit, there was some anguish over whether 10 years is "too far", rather than 5. But I figured the chance of a win - rates being higher than 5.59 for longer than rates being lower over the 10 years was pretty good.

    Si.
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    Plus you will be saving on fees every 2-3 or 5 years, £995 is the norm now but in a year or two I'm thinking they will be even higher.
  • foreversummer
    foreversummer Posts: 837 Forumite
    This has really got me thinking!

    Does anyone know how long Woolwich hold their rates for? Am I too early to line up the deal for October?

    Abbey hold rates for 3 months, so too early to get a deal with them, and I have phoned the HSBC who are currently only holding rates for one month!
  • whu
    whu Posts: 23,461 Forumite
    10,000 Posts Combo Breaker
    earlier in the year it was 6 months but dont know now - worth a call as maybe you could get a deal now
    Keep the Faith:cool:
  • foreversummer
    foreversummer Posts: 837 Forumite
    Thanks whu - I will give them a call.

    Foreversummer
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=441705&in_page_id=3

    Mortgages are not going to get cheaper anytime soon.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.9K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.5K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture