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O/T 5 Year or 7 Year Mortgage Fix? Figures Inside
- Thread starter Papak
- Start date
Seagull58
In the Algarve
5 years and then go to the market for offers.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,161
Slightly O/T but my brother swears blind that one of his mates has a long standing tracker mortgage that is set at 1% below Bank of England rate. So every month for quite some time now his mortgage provider has had to send HIM a cheque. Mortgage provider apparently phones him up on a regular basis to ask if he'd like to switch rates to which he obviously replies no thank you, or words to that effect 
HalifaxSeagull
Active member
- Aug 24, 2010
- 772
5 years, your saving just leads £40p\m - or £2k Ish over that term, that should easily outweigh any rise in the subsequent 2yrs...
Great rates, I used to work in Mortgages 14yrs ago and we used to think 4.5% was an amazing deal! I recall a 10yr fixed rate at 5.99% which was snapped up.
Great rates, I used to work in Mortgages 14yrs ago and we used to think 4.5% was an amazing deal! I recall a 10yr fixed rate at 5.99% which was snapped up.
studio150
Well-known member
5 year but pay the 7 year monthly amount which will reduce your outstanding mortgage fir when you need to review in year 5
Crispy Ambulance
Well-known member
Slightly O/T but my brother swears blind that one of his mates has a long standing tracker mortgage that is set at 1% below Bank of England rate. So every month for quite some time now his mortgage provider has had to send HIM a cheque. Mortgage provider apparently phones him up on a regular basis to ask if he'd like to switch rates to which he obviously replies no thank you, or words to that effect
Cheltenham & Gloucester?
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,161
No idea. Tho me bruv does swear it's true. Not the kind of thing that anybody would make up, especially if they work in a completely non-related industry.
CorgiRegisteredFriend
Well-known member
Those rates are pretty good.
Just goes to show, even when bank rate eventually goes up, it is still expected to remain low.
Just goes to show, even when bank rate eventually goes up, it is still expected to remain low.
Slightly O/T but my brother swears blind that one of his mates has a long standing tracker mortgage that is set at 1% below Bank of England rate. So every month for quite some time now his mortgage provider has had to send HIM a cheque. Mortgage provider apparently phones him up on a regular basis to ask if he'd like to switch rates to which he obviously replies no thank you, or words to that effect
Not calling bullshit at all but not sure why he'd get a cheque each month. Wouldn't you just knock the negative interest off your mortgage balance?
On a related note when one of my mortgages came to the end of it's 5 yr fix about 5 years ago I dug out the paperwork to find that instead of reverting to SVR it went to 0.5% above base rate for the life of the loan.
I've just carried on paying the same amount as I was on fixed rate which will knock about 8 years off the term. I guess the 0.5% above base rate thing was because I took the mortgage out in 2005 before everything went to crap and the base rate was cut.
- Thread starter
- #10
My current deal is at 4.99% so I'm planning on overpaying roughly the difference between now and this 5 year rate which in 5 years will be about £10K off the debt.
Grombleton
Surrounded by <div>s
- Dec 31, 2011
- 7,356
I was in that same position with Santander just a couple of months ago. Went with the 5 year option which was just an extra £25p/m onto what I was currently paying. Worked well.
Crispy Ambulance
Well-known member
Yeah. I recall when BOE rate went to 0.5%, some C&G (?) customers were on a deal which meant the lender owed them money each month.
nicko31
Well-known member
Quite like the Barclays 10 year fix @ 2.99% @ 80% LTV, will it ever be cheaper?
I took that Barclays 10 year fix this month.
I thought long and hard about it after overpaying for the last few years at (deep breath) 5.29% which was also a 10 year fix.
But, given what interest rates could be and what they have been in my lifetime - 5.29% wasn't that bad and the 2.99% peace of mind for the next ten years is a great deal I reckon. Maybe...
I thought long and hard about it after overpaying for the last few years at (deep breath) 5.29% which was also a 10 year fix.
But, given what interest rates could be and what they have been in my lifetime - 5.29% wasn't that bad and the 2.99% peace of mind for the next ten years is a great deal I reckon. Maybe...
HastingsSeagull
Well-known member
2.59 or 3.19? Just look again in 5 years. You'll have saved about 2k in that time and those extra 2 years will not LOOSE 2k on the last couple years of the 7 year linked offer.
Also ALWAYS make overpayments if you can...... saves you a ridiculous amount in the long run
Also ALWAYS make overpayments if you can...... saves you a ridiculous amount in the long run
Yes Nationwide are at 2.94% fixed for 10 years with a free survey and free legals which I don't think the Woolwich offer. Heads up
The 5 year fixed rate at 2.59%. No brainer