When we moved in Aug 2021 it was 1.95 for a 10yr fix from Barclays. As you say it was an absolute no brainer, at the time the mortgage advisor couldnt understand why we didnt want the much cheaper 2yr fix and to use our savings to bring down the cost. Best decision ive made in a long time was to go for the 10yrs, which also nicely aligns to my retirement plans.So a base rate of 0.1% generated a 10 year fix of 2%. If that is correct there was really only 1 way for rates to go. Short of rates being either negative or zero, there was no further downside to be had on mortgage rates and so a 10 year fix at that time would have been a no-brainer. I get portability and conditions attached can be a limiting factor though.
The best deals were October 2021 and they didn't last long. Natwest were doing a 5 year for 0.94%.So a base rate of 0.1% generated a 10 year fix of 2%. If that is correct there was really only 1 way for rates to go. Short of rates being either negative or zero, there was no further downside to be had on mortgage rates and so a 10 year fix at that time would have been a no-brainer. I get portability and conditions attached can be a limiting factor though.
The best deals were October 2021 and they didn't last long. Natwest were doing a 5 year for 0.94%.
After 5 years compared to 2% (paying the same each month) you would be £5k better off for every £100k borrowed. Then for the next 5 years from October 2026 you would need a 3.5% deal to be marginally better of over the ten years. A bit less to account for fees.
It all depends what it is like in 2026, and looks much better decision doing a ten year looking back given what we know today.
In my current circumstances a 2 year variable, if I owed a lot more, and I can't get as low as 4.6%, but I would go with the First Direct 10 year fixed due to early repayment fees if needed. Others are 5% in the first 5 years and one 7% for the first 2.what would you do if you had to choose in todays market ?
2 year 5.8%
5 year 6%
10 year 4.6%
Personally I’d take the 10 year deal. I doubt they’ll ever get below 4% again.what would you do if you had to choose in todays market ?
2 year 5.8%
5 year 6%
10 year 4.6%
Fully agree with going for 4.6%, unless the economy tanks completely, it’s not gonna get much lower than that for the foreseeable.Personally I’d take the 10 year deal. I doubt they’ll ever get below 4% again.
really tempted to go with a 10 year fix for 4.7%
rahhhhh ! if only we could predict the future.
Im no expert but I would jump all over that. Mortgage rates were always about that and that is realistic to what everyone paid, especially the demographic here probably.really tempted to go with a 10 year fix for 4.7%
rahhhhh ! if only we could predict the future.
Im no expert but I would jump all over that. Mortgage rates were always about that and that is realistic to what everyone paid, especially the demographic here probably.
They wont drop mate, they will rise, and settle around what they used to be circa late 4s-early 5s.
Post 2008 rates were mentally low and thats 15 yrs ago now, to fix a big drama.
not being political now, or seeking to inflame those of a contrary view, but the UK had inflicted a wound on itself that will mean our economy is fucked for about 20 years realistically before any plan can be made to fix the shit we put ourselves in by Brexit.
Jump all over that rate. 10yrs flies, and instability will only get worse with this shit, there was no plan with it, just an internal tory party row we all have to deal with that was jumped over by cunts who dont have mortgages or bills anyway who came out of Wetherspoons to vote on it.
Take the rate is my advice