mortgage rate 2.29% for 5 year fixed good?

    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


    Sounds decent plus there will be no fees or hassle

    Original Poster

    Thank you, I want to get it fixed soon before brexit

    Really depends on the size of your mortgage (and if you are willing to fork out at the start) if one with an upfront fee is worth considering.
    I would generally have a quick look at something like uswitch, e.g.…8=&

    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!!)

    Original Poster

    This is what I have been offered 2 year fixed and 5 year fixed

    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" 10th Apr

    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)

    Original Poster

    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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