Mortgages - Help!

[brokencrossbar1]

Ha I see I'm not rushing into anything as I asked this back in Feb...

BOI have offered to fix my mortgage at 3.0% for 1,2,3 or 5 years, down from 4.35% or at 3.3% for 10 years. Is longer or shorter the best option?

I think best advice is to speak to a financial adviser rather than a crowd of halfwits in here😂

[Boycey]

Ha I see I'm not rushing into anything as I asked this back in Feb...

BOI have offered to fix my mortgage at 3.0% for 1,2,3 or 5 years, down from 4.35% or at 3.3% for 10 years. Is longer or shorter the best option?

I think best advice is to speak to a financial adviser rather than a crowd of halfwits in here😂

Along with spouting shite on here, maybe just maybe one of these boyos is a hotshot financial adviser... They can't be all wasters or teachers

[Sweeper 123]

3.3 fixed for 10yrs looks very good ; we just have had a base rate increase and by all accounts in long term there may be further hikes; but for u if the fixed rate amount fits with your budget then your on to a winner, but if boo r offering this u can b sure some other bank will have something better

[Sweeper 123]

Just looked there and there are 10yr deals at 2.49% depending o ltv so best to shop around HSBC  / barclays or ssntander

[Maroon Manc]

Considering their offering to give you a 1 year deal at 3.0% then 3.3% for a 10 year fix is a great deal.

[Minder]

I have just done this today with Halifax, fixed again for two years @ 1.89%. Was gonna fix for longer but the way I look at it is when fixed term is up your loan to value will be better and you will be eligible for the better deals again. Obviously people are looking to fix for longer now with interest rates on the rise but I'm gonna take that chance.

[Hereiam]

I with you minder

[bennydorano]

I fixed for 5 years this week

[Link]

Changed to Santander recently, we use a guy who looks after all that stuff, so never really take any notice of best deals but they must have had an change over offer as we got £3000 cheque from changing it, I thought we'd have to put it into the mortgage but the broker guy said nope thats yours!!

£150 quid well spent using someone who knows what they are doing, as they can save you money and let you know of the pitfalls and hidden costs

Was this a cashback offer MR?

Danske Bank had a similiar offer of £1200/£1500 cashback for first time buyers. They didn't offer the best rate but the cashback made it the best deal. I will probably change provider next renewal and first direct looks the best to me at the moment.

[Minder]

Changed to Santander recently, we use a guy who looks after all that stuff, so never really take any notice of best deals but they must have had an change over offer as we got £3000 cheque from changing it, I thought we'd have to put it into the mortgage but the broker guy said nope thats yours!!

£150 quid well spent using someone who knows what they are doing, as they can save you money and let you know of the pitfalls and hidden costs

Was this a cashback offer MR?

Danske Bank had a similiar offer of £1200/£1500 cashback for first time buyers. They didn't offer the best rate but the cashback made it the best deal. I will probably change provider next renewal and first direct looks the best to me at the moment.

Was also for remortgaging to them, I called into a branch last week and they where supposed to ring me back but never bothered. Handy thing with Halifax is you can switch it online, don't have to speak to any bullshitters, as long as you know what you want.

[giveherlong]

What's the thoughts on this one considering potential interest rates increases and Brexit impact etc?

2 options:

0.99% variable for 2 years (discount off standard variable)

Or

1.89% fixed for 2 years

[Insane Bolt]

What's the thoughts on this one considering potential interest rates increases and Brexit impact etc?

2 options:

0.99% variable for 2 years (discount off standard variable)

Or

1.89% fixed for 2 years

If the SVR is 3% then I would think going with the fixed is best....i.e. the 3% - 0.99 discount is still higher than the fixed 1.89......or am I missing something.

[giveherlong]

The 0.99% is the rate you pay which is a discount of standard variable:

1 Lender could increase their standard variable rate or
2 Bank of England could put up base rate

[Insane Bolt]

The 0.99% is the rate you pay which is a discount of standard variable:

1 Lender could increase their standard variable rate or
2 Bank of England could put up base rate

I don't think the SVR will rise by more than 1% in next two years

[awideisneverasgood]

You need to beware of the longer term deals if there is a chance you need to get out of the deal early. We fixed for 5 years a couple of years ago but need to switch providers now as we are putting on a large extension and our current bank don't offer finance for this.  Its costing almost 5k to get out of the deal.