Lambchop

iTrader: (1)

Remortgaging at the mo.

Can do 5yr fixed at 4.89% or 7yr fixed at 4.84%

Thats with C&G.


Abbey are offering about 4.5% over 2yr but 5yr is 5.50% ish. Point being they seem to think rates will climb. Hence this makes me fixing longer look better if people expect it to go up again.

hmmmmmmmmm

It's Czech Mate

If it was me I'd fix at 4.89

However, i dont like financial risk as i dont have any spare cash to risk at the moment......it depends on how tight your finances are...if you can afford to take the risk then i think the rates will come down again and there may be a better fixed deal to be had...but there might not

Lambchop

iTrader: (1)

i still think it makes sense to fix as long as poss! way i see it is i can afford the repayments and in 4/5/6/7 yrs time they'll be "cheaper" as earnings increase.

mortgage ends 30th nov so has to be that deal really as i cant have it drop lower.

Paul Eggleton

I'd probably go for 5years Steve. But being able to forget about it for 7years is very appealing.

We've had a raft of bailout packages now and you wonder if we are at the bottom of the market.

mark_24v_wiring

iTrader: (1)

Bank of england on sky news now saying they may have to lower interest rates again but it prob wont be till next year. If you can fix at that for 7 years then i would do it seams like too good a deal to ignore

Porkie

iTrader: (1)

Interest rates will cut again by .5% or maybe even a full 1% on Dec 4th in my opinion...

if that helps your decision at all mate

Paul Eggleton

One of our risk management guys loves to use the expression - 'bottom pickers get sticky fingers!!'

If it's a good deal for you then go for it.

Lambchop

iTrader: (1)

why do you say 5 and not 7? i really cant see it being a bad deal. in 5yrs time do you think we'll still be 3-4%?! even then if its 4% and im fixed .84 above thats not the end of the world. people there just now have worse trackers than that!


i think too good a deal too!

too late really to worry about not getting as low a deal as i thought. financial advisor reckons potential .5% too but even then i dont want to be greedy or feel hard done by.



as background
i took 4.69% 3yrs ago. Last yr we moved and the extra was on a tracker. at the time it looked like this year i'd have the lot on near 6% best deal! i'd have snapped someones hand off at 4.84% so cant forget that.

also means i get affordable payments and some cash to buy a car, maybe an frs. not all bad!

Turbosystems

iTrader: (5)

Next year is only 50 days away

Chip

iTrader: (3)

How long is the tie in?

derekd

iTrader: (4)

wait to summer mate the rates will go down some more then take it for 7 years

Lambchop

iTrader: (1)

i assume 7yrs as its 7yrs fixed really. dont know if you can back out before that. well you can but theres a decreasing penalty the longer it goes.


shit myself there. my financial advisor is a "derek d"

also read the post, END OF THE MONTH mine needs changed

Paul Eggleton

It's just me taking a balanced view steve. I'd go for 5 rather than 3 or 7

Lambchop

iTrader: (1)

3 isnt on option

difference between 5 and 7yrs is only Ł10 a month! but im worried that i take the 5yr and then im on a higher rate than i couldve been for the next 2 yrs.

btw theres a Ł995 arrangement fee for the mortgage so split over 7yrs is better than a fixed at 2 yr which others are offering!

some arrangement fees are Ł5k and for 2-3 yr deals

collierm

If your happy with the rate and the difference is only a tenner, I'd take the seven years as over the course of it, you'll save Ł840, which means your arrangement fee only cost you Ł155 or Ł22 a year.

Like you said, money saved goes towards a car.

PAUL S

iTrader: (8)

the problem with long term deals are the penalties for early repayment - are you sure you are staying at the same property for the period you want to fix for as they will hit you for a big sum if you want to move house during the fixed term

stevenebm

iTrader: (6)

my fixed term is up this may.can i do anything just now or am i stuck till then?sorry to hi jack your thread mate

Chip

iTrader: (3)

When I applied for mine with C&G I had the option of a 5 year fixed im sure but with no tie in (i went tracker in the end instead though not fixed, but again with no tie in)

So its worth checking rather than assuming, although that was years ago and its probably changed since

Chip

iTrader: (3)

Depends on your tie in

Lambchop

iTrader: (1)

put it this way im never down sizing. if i wanetd to buy bigger the mortgage is portable with no penalty. i did this last year when i moved and borrowed the extra on a tracker.

more than likely stuck unless you pay a penalty.

i dont expect it to be untied tbh but will check.

dojj

iTrader: (3)

it sounds like a good deal at the moment

in a months time it might look better or worse

if you can afford it, it does seem like a good deal to go with ecpesially as a lot of deals have been going up in price from what i've seen

and look on the bright side, at least you will know what you are paying for the next 7 years rather than panicing what's going to happen

Chip

iTrader: (3)

Indeed, you set the payments at a levely you know you can afford, and they stay there.
Sure you might find you would have been better off doing something else, but bottom line is at least you can make ends meet.

On a non fixed deal, you might save money, or you might get hit with a rate so high you can afford it at all and end up bankrupt.

wayne thomas

The likelyhood is that in May the base rate will be lower than it is now so just sit your term out and reap the benefits.

SillyFezzaMk1

iTrader: (1)

Well a new morgage offer is valid for 6 months.....worth shopping around to see if anywhere willl 'quote' you for yourt remorgage in may.....get in there whilst the rates are low.

When we were looking to buy we had about 6 morgage offers all valid for 6 months....every time we saw a better deal we got an offer...good really as we went 5 months into the best offer and the rates shot up meaning we saved a fair whack by being on the ball early.

ballin

iTrader: (1)

7 years fixed at that rate, i would!

cossie4i+

iTrader: (15)

My Mortgage is with C&G.

I took out a 7 year fixed rate when i bought our current house, this was 6.5 years ago. The rate im paying at the moment is 5.69%

I can't see the mortgage rates going much lower even if the Base Rate drops even more.

I would love to get mine fixed for 7 years at 4.84%.

When i had my first mortgage i was paying about 9.5%, so anything under 5% is great if you ask me.

Steve.

Rodge.

Where's the best site to compare mortgage deals then?

Never really looked into it before, I have a tracker (no idea what the rate is..! )

cossie4i+

iTrader: (15)

Just looked on the C&G website and because i will only owe about 53k when my current mortgage deal ends its cheaper for me to take the higher 7 year fixed deal @ 5.24% than pay the Ł995 product fee for the 4.84% rate.

It works out at Ł9.97 more a month but over the 7 years that comes to Ł837.48 so i will save Ł157.52

Steve.

Lambchop

iTrader: (1)

would you just go through a website?

my financial advisor gets better deals than they advertise

cossie4i+

iTrader: (15)

I was only having a quickl ook to get ideas

Will be doing it properly in the new year.

Steve.

Lambchop

iTrader: (1)

cool. try and go through a decent advisor though and save money