Currently applying for the 10 yr fix with Lloyds too @1.93% nothing else on the market is even close to that @75LTV. We don't want to move house, we love it here. The only thing we might want to do in 5 or so years is do an extension, and we can still borrow more under the fixed period. I prefer the certainty so for us it's a no brainer.
To 10 year fix (mortgage)?
- Thread starter DanTheMan
- Start date
Yeah my attitude is once we've done our renovations, overpay as much as possible to be ready for a remortgage at a much higher rate. If we pootle along and don't do an extra 'work' on the mortgage whilst we're fighting a low rate - it'll be a heck of a lot harder if mortgage deals are 2, 3 4+ % after 5 years!
Nothing else is there. Can't see this deal lasting
trying to sort a fixed rate on my current deal with nationwide, im stuck at 2% ERC until May, however if i have my appointment in April, they will still charge me 2% fee even though i couldnt move to the new rate until May anyway...seems like a massive logic fail, "sorry we have to charge you 2% because you started talking to us in the 2 year bucket, even though you only get the new rate in the 1 year bucket".
Needless to say im considering lloyds right now....
Needless to say im considering lloyds right now....
We've just fixed at 2% for 5 years on an 80% LTV mortgage, with no application fee. Well, as long as the house completes 
Doesn't seem the worst deal right now, but I'm hoping the 5 years is enough to get past the current situation...
Doesn't seem the worst deal right now, but I'm hoping the 5 years is enough to get past the current situation...
Is this a new mortgage with same provider?
And they will charge you the full erc even though it won't start until you're past the fee?
If so had same with Tsb!
So it's driven me to remortgage else where
1.99 5yr fix with natwest on a 995 fee is the best i found. Our mortgage broker could only get 2.24 on that for some reason
Found same. Mortgage broker had worse deals than direct.
Yeap, i have an ERC of 2% that reduces to 1% in May, but if i have the appointment to plan for the new product in April i would be charged 2% even though the new product wouldnt start until May...logic fail. Lloyds getting a phone call tomorrow.
Wow that's poor form from them.
Our ERC is 2% until April but as we're moving lender and Halifax won't get notified of our intention to repay until then, it shouldn't be an issue. I'll be very annoyed if they try to charge us the ERC from when the application began.
I'm due to come to the end of one of my fixed rates (5 year) on my mortgage in October. I moved in September so ported the mortgage with the extra borrowed on a different rate for just 2 years. The hope was to eventually just bundle it into one rate on a fix after a few years of messing about with fixed rates and having them end at the same point but looking at what's happening I'm thinking I'm best off fixing each part for as long as possible as soon as possible even if they are at different rates. I believe I can start shopping around for new deals up to 6 months in advance if I remember correctly? So next month. Im thinking a 10 year deal might be the way to go.
Soldato
amazing, these rates are literally a subsidy gift from government. One day the government wont have money, there will be no choice left in their actions and the good times will be over.
Dont think of it as being higher, think of it like insurance and how harsh reality could get at worst not that I predict that it has to happen but 10% rates are in no way impossible as an occurance. At least presume 5% could be normal, my view low rates are the abnormality.
I used to save money at 10% and they even offered to fix my savings for 5 years there, that was only in the 90's its not ancient history to me anyway. Nobody is going to bail UK out should we be forced into that situation, obviously I hope better governance, budgets prevents it happening.
Another factor is the ability to overpay. If you can get the rate capped but also are allowed to repay extra you can always end it early in that way.
That’s a very good rate. I’m pretty much convinced that rates will continue to rise as the government tries (and likely fails) to control inflation. I’m expecting 3-5% at some point.
Soldato
The issue is the BoE are using interest rates to slow inflation as it traditionally slows consumer spending but the inflation is being caused by the huge rise in, what I call, essentials - gas, Elec, petrol, food, council tax etc and raising interest rates doesn't really affect those items.
Inflation is not being caused by consumers spending on other items - holidays, new furniture etc so raising interest rates this time is not going to reign inflation in.
All IMO of course.
Inflation is not being caused by consumers spending on other items - holidays, new furniture etc so raising interest rates this time is not going to reign inflation in.
All IMO of course.
Hope don't regret not going for 10 years.
But happy to effectively pay 1300 in erc for the peace of mind that my costs are fixed for 5
Soldato
If it goes up by then, everyone is going to lose there house.
Soldato
Not everyone at all, but a significant number. See 1991 and 2008 for mass foreclosures.