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    Is it time to tie in to a longer fixed rate mortgage?

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    My current mortgage product is up for renewal in a month.
    I think I heard some rumblings about interest rates possibly set to start rising soon.
    I have in recent years been doing 2 or 3 year fixed rate deals with my current provider.
    I'm wondering if now is the right time to go for a fixed rate of 5 years or longer?

    7 Comments

    I'm thinking the same but my current deal is 0.58 above base rate. Therefore it's going to take a while to get up to 4/5%. But the cost of remortgaging puts me off! I would like to be tied in so I know what the payments will be until the end of the mortgage. I keep looking but I've noticed there's very few deals over 5 years - I would like to lock in for longer.

    Anyone got any good mortgage offers out there?

    nationwide have just launched a 5 year 2.44% fixed. For existing mortgage customers only though.

    Original Poster Banned

    paul1005

    nationwide have just launched a 5 year 2.44% fixed. For existing mortgage … nationwide have just launched a 5 year 2.44% fixed. For existing mortgage customers only though.


    I just saw that.
    Think I will go for it.
    In my case, the monthly payments are under £14 a month more than the 3 year version.
    Think I'll happily pay that for an additional 2 years peace of mind.

    Original Poster Banned

    davewave

    I wrote about this previously, hope it … I wrote about this previously, hope it helpshttp://m.hotukdeals.com/ask/mortgage-advice-required-how-long-fix-2072167?mforwarded=true


    Thanks for that.
    Wasn't anything spectacularly new, but it helped me to confirm what I'd probably intended in my mind beforehand.
    Guess I just needed some affirmation.

    I watch a lot of CNBC and several times experts have said rates could rise in 2015. Even though you support the Villa, I'm willing to help.

    Original Poster Banned

    All sorted now.
    Went for the 5yr fixed @ 2.44% from Halifax.
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