Remortgage time?

[Prophet]

I've been looking at mortgages for the past few weeks as I'm out of my last deal and it's time to change.

I'm not looking for advice on whether I should go fixed or flexi at this time as I want to fix. However, I'm interested in knowing what peoples opinions on the length of the fixed period. I've got an offer from my current lender offering 2.99% for 5 years with no fee.

Anyone recently fixed fro more than the usual 2 to 3 years? If so what was your reasoning?

 

[Prophet]

Thanks for all the replies

For those moving to another provider, how long did the process take? My LTV is 70% btw.

 

[Prophet]

First time buyer here, looking to fix for 5 years for security. Never know whats going to happen with the current financial situation and want to take advantage of the lower rates.

I've looked at an interest rate of 2.89 with a LTV of 80%.

Having a quick look around 70% nets you around 2.69% with HSBC and Leeds BS, that's with fee's though (5 years).

Yeah most of the good deals have fees which when calculated mean I'm worse off than with a 2.99% no fee deal over the 5 years. I'm happy with the monthly repayment, just getting cold feet before doing the deed I guess.

 

[Prophet]

Reading this thread made me think to change my mortgage as haven't really paid any attention to it for 3-4 years now other than reviewing the yearly statement and didn't even really know what deal I was on. Mine isn't online so can't really review the details but C&G had a switch deal link so followed it, entered my accoutn number and a few other details and this came up.

Does this mean I'm only paying 0.79% and therefore BoE interest rates would have to rise about 2% before any thing better in the 2.5-3% would be worth switching to

It's not 100% clear but when I was on a tracker it was that rate plus the Bank of England rate. Either way I'd stick with that for now

 

[Prophet]

I've heard rumors that the base rate is due to rocket soon as its been at rock bottom for so long so I would guess a longer period on your fixed rate would be a good bet but you never know with these things.

Whats your source?

Looking at the forecast it's set to rise slower than previously expected?

 

[Prophet]

Most important. What LTv?

70%