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Old 24-05-2018, 01:08 PM   #21
pxr5
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Originally Posted by DrEskimo View Post
Didn't that result in you going to the SVR though?
Yes, which was a lot lower than the fixed. For me fixing in 2008 worked out poorly.
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Old 24-05-2018, 01:54 PM   #22
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Originally Posted by pxr5 View Post
Yes, which was a lot lower than the fixed. For me fixing in 2008 worked out poorly.
Ah yes. I imagine 2008 was a bit of a different time compared to today...!
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Old 02-06-2018, 09:37 AM   #23
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Originally Posted by shl-kelso View Post
I did the same with First Direct - no upfront fees, decent rate for the fix, ability to overpay as much as like with no penalty apart from early repayment in full. They also covered all legal fees etc as part of the process.

I’m overpaying too, and hope to knock at least 5 years off my remaining term this way. With a push I might even manage to clear in 10 years, which avoid any nasty shocks should interest rates have rocketed in the meantime.
Sorry to jump in but I looked at first direct too. Was you a new customer and di£ you switch your banking to them? Did they ask for a survey?

Think we might go 5 years instead of two
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Old 02-06-2018, 10:32 AM   #24
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Originally Posted by RedUntilDead View Post
Sorry to jump in but I looked at first direct too. Was you a new customer and di£ you switch your banking to them? Did they ask for a survey?



Think we might go 5 years instead of two


New customer and did not swap bank accounts (although I might as my current bank is useless!!).

I did need a valuation survey (organised and paid for by First Direct) because my house could not be identified or show up in their valuation system. This did extend the process by about a month, but the rate/terms were reserved from the day I made the initial application so no risk if it being withdrawn in the interim.
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Old 16-08-2018, 09:48 PM   #25
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We just fixed for another 2 years. Could have fixed for 5 and did look at it. However the difference in cost naturally was better for the 2 year and the base rate will have to jump a fair bit for it to have been the wrong choice. Plus we’re looking to move in 2 or 3 years so didn’t want to be stuck with one provider or pay hefty repayment fees.
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Old 16-08-2018, 10:35 PM   #26
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Sorry chap only saw your message. It was with HSBC

QUOTE=Leebo310;5467965]Who did you get your 10 year fixed with mate?


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Old 16-08-2018, 10:38 PM   #27
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I looked into what over payments I could make , and the £100 I’m paying is no where near what I could pay. Felt abit gutted at the time but least it’s something and better than nothing.



QUOTE=pxr5;5468014]For me, the most important thing would be is how quickly I could pay off a mortgage. Therefore I would look for the lowest penalties and the least limitations of regular over-payments, to the maximum I could manage. This can be hindered by a fixed mortgage.

In 2008 I was on a fixed mortgage. Whilst I was overpaying, it was restricted to how much. However once that fixed term ended I could overpay as much as I wanted without penalty.[/QUOTE]
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Old 17-08-2018, 06:52 AM   #28
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Just check what your rate will be when the fixed rate expires. My 3 year fixed 4.6% came to an end 8 years ago, just when we hit the recession. I panicked till I spoke to them. My ‘variable’ rate was then going to be 0.5% above base rate. At the time base rate was 0.5% so my mortgage actually dropped by £300 a month. Each time they increase rates at Bank of England it makes £15 difference as they are doing it so slowly.

With about 10 yrs left, I won’t be going fixed rate any time soon!
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Old 17-08-2018, 06:55 AM   #29
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The best advice I ever had was dropping fixed rates for an offset mortgage. Best thing we ever did and paid it off years sooner.


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Old 19-08-2018, 10:24 PM   #30
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I've just fixed mine for 5years at 1.94% wasn't sure of the best option due to Brexit so I've gone on the cautious side of things
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