mortgage rate 2.29% for 5 year fixed good? - HotUKDeals
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mortgage rate 2.29% for 5 year fixed good?

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My fixed rate mortgage is expiring and turning over to the variable rate. My lender has sent me a letter offering me a 5 year fixed rate at 2.29% no fees or switching to another lender. My loan to va… Read More
davidcraigjones19 Avatar
2m, 2w agoPosted 2 months, 2 weeks ago
My fixed rate mortgage is expiring and turning over to the variable rate. My lender has sent me a letter offering me a 5 year fixed rate at 2.29% no fees or switching to another lender.
My loan to value was 57% but I have modernised the house a lot since then.

Does this sound like a good deal or are the cheaper around?

Thanks for any help and guidance
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davidcraigjones19 Avatar
2m, 2w agoPosted 2 months, 2 weeks ago
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(8) Jump to unreadPost an answer
Responses/page:
#1
Sounds decent plus there will be no fees or hassle
#2
Thank you, I want to get it fixed soon before brexit
#4
If I was offered that rate for 5 years by my bank, I would have taken it.

My five year offer resulted in paying £20 more per month so I went for the 2 year fix.

If switching to another lender was not an issue, I would have switched to a cheaper rate. (I don't want to go through the whole process again!!)
#5
http://i65.tinypic.com/2rde16a.jpg

This is what I have been offered 2 year fixed and 5 year fixed
#6
The balance must be small, I wouldn't be switching. I would be checking how much I could afford and upping the payment to clear the balance and interest quicker. Personally I would go for 5 year fix for security. Best 5 year fix with no fees is about 1.94 which isn't going to make a massive difference to the payment. Also the minimum balance is usually 20000 to 25000.


Edited By: Daniboy on Apr 10, 2017 20:44: mistake
#7
HSBC have a fee free 5 year for 1.94% (allows 10% overpayments pa).
May be a hassle to switch though, although we got a basic valuation thrown in free,
Paperwork is 3 months bank statements and wage slips, plus comprehensive spend review (approx 45-65 mins)
#8
Thanks for the help,there is not much of a difference in percentage rates so I will stay with my lender a lot easier without fees and paper work

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