Remortgage rates

15
Posted 17th May
Is fixing at 1.59% for 5 years as opposed to 2 years at 1.44% for a good idea ? Cash wise it's about £10pm difference
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Do you like knowing what you pay each month ?.
If so fix.
Each time you switch there are costs involved, 5 years one cost, 2 years 2.5 lots of costs.
The main issue I is if you switching from one mortgage company to another, All the checks etc.
People are failing them, Banks are tightning down again.
Before I paid mine off I fixed it for 5 years,
Had over paid for years but fixed for 5 and lowered the term to 5 years.
Then over paid 10% each year.
Took me 11.6 years to finish mine in total.
15 Comments
Do you like knowing what you pay each month ?.
If so fix.
Each time you switch there are costs involved, 5 years one cost, 2 years 2.5 lots of costs.
The main issue I is if you switching from one mortgage company to another, All the checks etc.
People are failing them, Banks are tightning down again.
Before I paid mine off I fixed it for 5 years,
Had over paid for years but fixed for 5 and lowered the term to 5 years.
Then over paid 10% each year.
Took me 11.6 years to finish mine in total.
bigwheels17/05/2020 09:52

Do you like knowing what you pay each month ?.If so fix.Each time you …Do you like knowing what you pay each month ?.If so fix.Each time you switch there are costs involved, 5 years one cost, 2 years 2.5 lots of costs.The main issue I is if you switching from one mortgage company to another, All the checks etc.People are failing them, Banks are tightning down again.Before I paid mine off I fixed it for 5 years, Had over paid for years but fixed for 5 and lowered the term to 5 years.Then over paid 10% each year.Took me 11.6 years to finish mine in total.


Cheers yeah I would rather know the amount tbh n the stability
I liked it too.
Plus its £600.00 more plus fees over 5 years.
How much would a second switch at 2 years cost.
More than 3 years at £360.00.
I think if I was in the place to re-mortgage, I’d go for the 5 years.
The additional cost each month is negligible, it’s a pretty decent rate and no need to worry about the admin for another 5 years!
AngelBomber17/05/2020 10:15

I think if I was in the place to re-mortgage, I’d go for the 5 years.The a …I think if I was in the place to re-mortgage, I’d go for the 5 years.The additional cost each month is negligible, it’s a pretty decent rate and no need to worry about the admin for another 5 years!


Exactiy , many thanks for your response
We live in very uncertain times and where interest rates will be in 2-5 years is anyones guess, although most economists are predicting an extended period of low base rate as the world recovers from CN19. That said, if you are content with the repayment on the 5 year fix, building some certainty into your life might be a good thing. Interest rates for certain cannot fall much, but the upside potential is always present.
airbus33017/05/2020 10:18

We live in very uncertain times and where interest rates will be in 2-5 …We live in very uncertain times and where interest rates will be in 2-5 years is anyones guess, although most economists are predicting an extended period of low base rate as the world recovers from CN19. That said, if you are content with the repayment on the 5 year fix, building some certainty into your life might be a good thing. Interest rates for certain cannot fall much, but the upside potential is always present.


Exactiy , cheers fir the advice
airbus33017/05/2020 10:18

We live in very uncertain times and where interest rates will be in 2-5 …We live in very uncertain times and where interest rates will be in 2-5 years is anyones guess, although most economists are predicting an extended period of low base rate as the world recovers from CN19. That said, if you are content with the repayment on the 5 year fix, building some certainty into your life might be a good thing. Interest rates for certain cannot fall much, but the upside potential is always present.


Exsctiy, cheers for the advice
Yes I'd go with the 5 years when the interest rates are so low.
Ukguy10117/05/2020 10:57

Yes I'd go with the 5 years when the interest rates are so low.


Ty
Go for 5 years. That’s 5 years of not worrying about price changes and haggling plus with the charging market it’s 5 years of solid security
ndyanem17/05/2020 13:15

Go for 5 years. That’s 5 years of not worrying about price changes and h …Go for 5 years. That’s 5 years of not worrying about price changes and haggling plus with the charging market it’s 5 years of solid security


Exactly and not watching base rate Changes

Cheers
We have locked in with nationwide for 5 years at 1.4%. Not sure if this is still available as we started the process at the start of lockdown.
Just locked 1.5% for 3 years apposed to 1.59% for 5 with the same lender. I could have got 1.2% if I remortgage but its a risk due to current circumstances.

In 3 years I plan to remortgage to a different lender, benefit on reduced rate and lock for possibly another 3 years.
Consider checking offers from a broker, you might get a better deal with the same bank and many times it’s without any admin fees.
In the last two times I had to remortgage, I had £800 and £250 incentives paid to my bank for taking their mortgage
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