Detailing World  

Go Back   Detailing World > Lifestyle > The Money And Business Zone
DW Home Forum Home Merchandise Store Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

The Money And Business Zone All things money related, Savings, Finance, Pensions ,Insurance, Mortgages and more,

Reply
 
Thread Tools Display Modes
Old 04-02-2017, 07:27 PM   #1
Darlofan
OCD Sufferer (Obsessive Car Detailer)
 
Join Date: Nov 2010
Location: Wrexham
Posts: 1,647
Thanks: 904
Thanked 936 Times in 605 Posts
Garage
Mortgages

Our mortgage fixed rate ends next month and reverts to standard rate of 3.47%.
What's everyone's thoughts on fixing again?

Only part of ours was fixed for last 2 years when we topped it up to move and we've had it quite good over the last few years as svr has been low so mortgage payments have been low.

Obviously lots of chatter about rates rising although there have been rumours around for a while now and nothing has happened.
Darlofan is offline   Reply With Quote
Old 04-02-2017, 07:37 PM   #2
Mattwilko92
Washmitt Meister
 
Mattwilko92's Avatar
 
Join Date: Aug 2008
Location: Staffordshire
Posts: 211
Thanks: 19
Thanked 84 Times in 66 Posts
I would try and fix at a low rate for 5 years
Mattwilko92 is offline   Reply With Quote
The Following User Says Thank You to Mattwilko92 For This Useful Post:
Darlofan (04-02-2017)
Old 04-02-2017, 07:42 PM   #3
DrEskimo
OCD Sufferer (Obsessive Car Detailer)
 
DrEskimo's Avatar
 
Join Date: Jan 2016
Posts: 1,780
Thanks: 653
Thanked 967 Times in 710 Posts
You would think the rates can only possibly go up, but then again I thought that when I fixed my rate 2yrs ago...!

5yrs is too long for me, so usually go for a 2yr fixed. I prefer to know exactly how much I will pay every month. If you do go variable, then I would work out whether you could afford any increases.

I would of saved a good deal of cash if I had gone variable rather than fixed for the last 5odd years I've had a mortgage, but then hindsight is a wonderful thing...!
DrEskimo is offline   Reply With Quote
The Following User Says Thank You to DrEskimo For This Useful Post:
Darlofan (05-02-2017)
Old 05-02-2017, 08:42 AM   #4
Oats
Washmitt Meister
 
Join Date: Apr 2012
Posts: 152
Thanks: 62
Thanked 195 Times in 132 Posts
Quote:
Originally Posted by DrEskimo View Post
I would of saved a good deal of cash if I had gone variable rather than fixed for the last 5odd years I've had a mortgage, but then hindsight is a wonderful thing...!
Trying being on a ten year fixed lol. But then when moving house and starting a family it's worth it.
Oats is offline   Reply With Quote
The Following User Says Thank You to Oats For This Useful Post:
Darlofan (05-02-2017)
Old 05-02-2017, 09:42 AM   #5
Hereisphilly
Dw Reviewer
 
Hereisphilly's Avatar
 
Join Date: Nov 2014
Location: Gainsborough
Posts: 2,845
Thanks: 963
Thanked 1,859 Times in 1,134 Posts
We sorted our first mortgage out last month, and for peace of mind I wanted to fix for a decent amount of time, so we can plan and budget around it

In the end went for a 2.9% fixed for 5 years, was only a small amount extra a month compared to a 2 year fixed, so was a no brainier to us

The way I saw it, interest rates can't go much lower, but they can rise from this point, so I wanted to fix at as low a rate as possible

Sent from my Pixel XL using Tapatalk
Hereisphilly is offline   Reply With Quote
The Following 2 Users Say Thank You to Hereisphilly For This Useful Post:
Darlofan (05-02-2017), steelghost (08-02-2017)
Old 05-02-2017, 09:54 AM   #6
MDC250
Distinguished Detailer
 
MDC250's Avatar
 
Join Date: Jan 2014
Posts: 6,169
Thanks: 2,845
Thanked 3,441 Times in 2,681 Posts
Plus the cost of remortgaging is often prohibitive... reservation fees, product fees, legal fees. To my mind 2 years isn't cost effective, 10 years too long and 5 is the best of both worlds.
MDC250 is offline   Reply With Quote
The Following 2 Users Say Thank You to MDC250 For This Useful Post:
Darlofan (05-02-2017), Hereisphilly (05-02-2017)
Old 05-02-2017, 10:13 AM   #7
kingswood
Orbital Oracle
 
kingswood's Avatar
 
Join Date: Jun 2016
Posts: 694
Thanks: 183
Thanked 411 Times in 278 Posts
whats your LTV?

its hard for anyone to give advice on here without knowing all the circumstances.

im on a 2yr fixed. gives chance for the rise in equity to be used to lower the LTV and then get a better mortgage rate next time round.

if you go on the variable and have enough equity to jump onto the best fixed at the time then thats a option.

the cost or remortgaging isnt massive if you stay away from the stupid £1500 product fees on super low rate mortgage that when you do the maths over the term are more than £0 product fee's of a higher interest rate. always look at the cost per £1000 of a mortgage.

go see a recommended independent mortgage advisor
kingswood is offline   Reply With Quote
The Following 2 Users Say Thank You to kingswood For This Useful Post:
Darlofan (05-02-2017), DrEskimo (05-02-2017)
Old 08-02-2017, 10:17 AM   #8
organgrinder
OCD Sufferer (Obsessive Car Detailer)
 
organgrinder's Avatar
 
Join Date: Jan 2008
Location: Glasgow
Posts: 816
Thanks: 46
Thanked 199 Times in 162 Posts
There are plenty of 5 year deals around the 2% mark. I really don't think anyone can expect that rate of interest to fall meaningfully so any change from a reduction in rates is unlikely to have cost you much. You can also get 10 year fixes from about 2.5% which I think is a great deal especially for those who need long term certainty (although early redemption penalties need to be considered if you think such a circumstance might arise).

The downside of an increase in rates is much greater than the upside of any reduction (given that we are at 0.5% base rate just now)

Either go and see a good mortgage broker or do some searching on the internet yourself and grab a deal. Any fixed deal you get is likely to be better than the SVR.
organgrinder is offline   Reply With Quote
Old 08-02-2017, 06:50 PM   #9
AndyA4TDI
OCD Sufferer (Obsessive Car Detailer)
 
Join Date: May 2012
Posts: 4,167
Thanks: 2,383
Thanked 1,989 Times in 1,296 Posts
Just got a 3 year fixed at 1.79 from Nationwide as LTV is only 26%, very happy as no fee either
AndyA4TDI is offline   Reply With Quote
The Following User Says Thank You to AndyA4TDI For This Useful Post:
Hereisphilly (08-02-2017)
Old 08-02-2017, 09:02 PM   #10
Bulkhead
OCD Sufferer (Obsessive Car Detailer)
 
Bulkhead's Avatar
 
Join Date: Oct 2007
Location: The land of sun, snakes and spiders!
Posts: 831
Thanks: 59
Thanked 522 Times in 335 Posts
Garage
I'm not sure what the lenders are like in the UK now but over here, I go into the bank we have our mortgage with every year and haggle for a better rate. Every time I get one. We knocked off around $200 a month after the last visit! It does depend on your circumstances though but we're glad we didn't fix as the rates have only ever gone down. Worth a try though.
Bulkhead is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 09:18 AM.


Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
DTO Garage vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors
Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
DTO Garage vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors