To 10 year fix (mortgage)?

[thewanted]

Main thing for 10 is..

Is this a joint mortgage? Relationships end. The penalty to leave within the first 5 years will likely be 5 percent.

Do you plan to move in the first 8 years? Makes it difficult

I'd agree with the rate bit. The next LTV bracket in my case isn't worth worrying about vs rate rises falls.

Fyi. If I was single or sole party on mortgage I'd have gone with 10 year.

It is a joint mortgage and the house was purchased largely because it gives us access to an incredible secondary school for our son. Since he's only 2, this is a 15+ year house for us.

Having been through it once before, I'm well aware that relationships can and do end. However, if I lived my life as a pessimist about everything, I'd never get out of bed.

 

[jonneymendoza]

Your broker should very quickly be able to reserve the product for you

Hopefully yea but there is a blocker my part. I need to submit a account certificate and I spoke to my accountant about it. It will take them 5 working days to complete as not only do they need to fill out the form, but review it within there internal team...

 

[1pudding1]

Best we could get for a 10 year fix was 2.79% @ 80% LTV for a new house purchase. The cheapest 5 year was 2.65%.

Was that today/this week? Or quite a while ago? Last time I looked a few weeks ago the rates for a switch and sticking with HSBC were a little lower, so seems theyve gone up in the last few weeks already.

 

[thewanted]

Was that today/this week? Or quite a while ago? Last time I looked a few weeks ago the rates for a switch and sticking with HSBC were a little lower, so seems theyve gone up in the last few weeks already.

We applied on 30 May. The 10 year deals are well into the 3% range now.

 

[413x]

It is a joint mortgage and the house was purchased largely because it gives us access to an incredible secondary school for our son. Since he's only 2, this is a 15+ year house for us.

Having been through it once before, I'm well aware that relationships can and do end. However, if I lived my life as a pessimist about everything, I'd never get out of bed.

This is true enough.
Don't blame you. Even with my joint mortgage I was very very tempted to go for a 10.

In hindsight, later on, I may regret the decision. But you make the best decision at the time.

 

[jonneymendoza]

Its all a gamble really!

 

[~Divine~Wind~]

had me flapping a little here haha, were currently on our 2nd buyer and things going a bit smoother.
Bought the searches from the last buyers solicitors (had me eye gouged out like) Eqnuiries done, draft contracts signed and returned.

Deadline of 1 July and for some I thought me mortgage offer had expired! Its valid til october thankfully lol

1.99% 5year fix at just shy of 50% LTV, hoping to be able to get maximum overpayments in before the end of the 5yr

One thing to note, might be of use to others

We were told by our broker that Natwest allowed you to extend the mortgage offer by 3 months twice, but he was a notable % higher.
On speaking to natwest this is broke only, and for standard customers you can extend once for a month

 

[Richie]

It appears some lenders have raised their fix deals by around 0.5% in the last few days.

Building in a bigger raise for Aug BoE rate rise?

 

[200sols]

50bp is probably going to happen in August, the consensus is to be around 2.5-3% by year end right now.