Has anyone else on here fixed their mortgage for 10 years? You of course have the comfort of knowing what you are going to pay for a long period of time and I would be very surprised if we'll see the historic lows on rates in the coming years'. I am wondering whether it is worthwhile as it is not an approach I have considered or we taken before. We have 12 years left to clear the mortgage and our current product ends in early Jan
Thanks
GB
Has anyone else on here fixed their mortgage for 10 years? You of course have the comfort of knowing what you are going to pay for a long period of time and I would be very surprised if we'll see the historic lows on rates in the coming years'. I am wondering whether it is worthwhile as it is not an approach I have considered or we taken before. We have 12 years left to clear the mortgage and our current product ends in early Jan
Thanks
GB
Has anyone else on here fixed their mortgage for 10 years? You of course have the comfort of knowing what you are going to pay for a long period of time and I would be very surprised if we'll see the historic lows on rates in the coming years'. I am wondering whether it is worthwhile as it is not an approach I have considered or we taken before. We have 12 years left to clear the mortgage and our current product ends in early Jan
Thanks
GB
Fixed mortgages can have significant penalties for paying off early, something to be aware of with such a long fix.
I suppose it depends on the rate you are offered in January and how high you think rates might go. Check the early redemption costs, things can change in life, certainly over 10 years. If things get really bad this winter, there could be another bail out along the lines of covid. The govt itself can’t afford high interest rates, it has too much debt. Being forced to pile on more isn’t going to help. The economic war with Russia makes this uncharted waters really, if the govt don’t act in a fairly major way, millions of people will be in deep trouble.
Check it’s a portable mortgage in case you need or want to move during the term. Most probably are these days but worth making sure.Has anyone else on here fixed their mortgage for 10 years? You of course have the comfort of knowing what you are going to pay for a long period of time and I would be very surprised if we'll see the historic lows on rates in the coming years'. I am wondering whether it is worthwhile as it is not an approach I have considered or we taken before. We have 12 years left to clear the mortgage and our current product ends in early Jan
Thanks
GB
We fixed for 15. It meant we paid a little over what we could have done on SVR later in the term, but it meant I knew exactly how much was going out each month.
The only downside is that as @darrenyeats says, there are early finish penalties but if it's the difference between mortgage and mortgage-free, it's often price worth paying.
Check it’s a portable mortgage in case you need or want to move during the term. Most probably are these days but worth making sure.
It’s a bit of lottery at the moment for sure and it’s anyones guess as to where we’ll be as a country in 4 months time. Things change and the world moves so quickly these days
I totally agree, without help, a lot of people could be in real financial dire straits in the coming months. I’m intrigued to hear what Liz Truss is going to announce next week
Blimey, I didn’t know you could fix for that long a term. There is a certain comfort knowing what you’ll be paying for the foreseeable future, which would suit my partner. I’m the sort of person that doesn’t mind a bit of calculated risk and flexibility though…
If you can fix now for such a period I’d have their hands off.Blimey, I didn’t know you could fix for that long a term. There is a certain comfort knowing what you’ll be paying for the foreseeable future, which would suit my partner. I’m the sort of person that doesn’t mind a bit of calculated risk and flexibility though…
If you can fix now for such a period I’d have their hands off.
The days of cheap money are gone forever.
Has anyone else on here fixed their mortgage for 10 years? You of course have the comfort of knowing what you are going to pay for a long period of time and I would be very surprised if we'll see the historic lows on rates in the coming years'. I am wondering whether it is worthwhile as it is not an approach I have considered or we taken before. We have 12 years left to clear the mortgage and our current product ends in early Jan
Thanks
GB