2.99% or less 10 year fixed mortgages

[Liverbirdie]

Anyone being tempted?

I saw these in the Times money supplement at the weekend, and was surprised.

They also said that that rate may even come down further in the next few months, but could be a slight gamble, so maybe take the rate now.

Considering it myself, but any experts on here (I know there isn't any football ones, JCW said).

 

[Val]

The only way the rate will come down is if the banks take a hit which I don't think the will, 2.99 is a good deal and if I had 10 year left to pay I'd be sorely tempted, I'm tied for another 12 months then after that I've 24 left. Can't wait till it's gone.

 

[CMAC]

:mmm:

 

[PhilTheFragger]

What.... You read the times !

That's a very low rate historically and would benefit anyone who wants to fix their costs, ultimately rate will rise , just a matter of when.

Interested to see the loan to value ratio and if there are any fees involved, but on the face of it , it's a good deal

(Ex Barclays Lending Manager)

 

[Crazyface]

What.... You read the times !

That's a very low rate historically and would benefit anyone who wants to fix their costs, ultimately rate will rise , just a matter of when.

Interested to see the loan to value ratio and if there are any fees involved, but on the face of it , it's a good deal

(Ex Barclays Lending Manager)

At that rate I'd be very surprised if there wasn't any fees. Fixed mine 4 months ago at 3.29. No fees. I love fixed rates.

 

[Liverbirdie]

What.... You read the times !

That's a very low rate historically and would benefit anyone who wants to fix their costs, ultimately rate will rise , just a matter of when.

Interested to see the loan to value ratio and if there are any fees involved, but on the face of it , it's a good deal

(Ex Barclays Lending Manager)

I think it was the times, although it had desperate dan on the front......

IIRC It was £1,500 arrangement fee and I think the remaining value had to be 60% of the house worth, or however they phrase it, but ours is.

Most arrangement fees are £1k anyway.

 

[Stegsie]

Great deal that, I'd be tempted for sure (currently on a fixed rate of 3.29% until the end of 2015) Only got just over 10 years left on mine so will be looking to secure a long fixed rate next time around. Let's be honest, rates are only ever going to go up from where they are now - maybe not to the heights of the 1980's, but even so. Worth jumping on that.

 

[sawtooth]

Interesting thread this one and its got me thinking.

We came off a Nationwide fixed rate about 7 years ago (5% or thereabouts) and have been on a much lower variable rate since then , currently on 2.5% at Nationwide.

10 years at a rate that is only marginally more than what we have now (but still less than than what it was when we started 10 years ago) is very tempting.

2.99 fixed for 10 years is super low but who can say whether the recovery will continue and things continue to pick up? History suggests that the rates will rise at some point all depends on when and how sharply they do.

Very tempting indeed.

 

[bluewolf]

Sounded good then Pete, but the £1500 is a an issue, along with the fact that I owe much less than 60%.. I'll stick on my 2.5% for now....

Edit, my Missus has just reminded me that she wants to move this year.. No chance sweetie.. I'm happy where I am..

 

[fundy]

What.... You read the times !

That's a very low rate historically and would benefit anyone who wants to fix their costs, ultimately rate will rise , just a matter of when.

Interested to see the loan to value ratio and if there are any fees involved, but on the face of it , it's a good deal

(Ex Barclays Lending Manager)

Thats what Japan thought in the 90s Quite a strong argument that there is no real need for interest rates to rise in the short to medium term, apart from based on historical expectation and we could be in for an extended period of very very low interest rates.

As for whether the mortgage is a good deal it depends on what you are paying now. If you are on one of the older trackers and paying less than 1% still then I wouldnt be rushing to fix, if you're already paying around this level or above then clearly theres more incentive to switch (dependent on how much the fees are and whether the terms suit you)

 

[Liverbirdie]

Sounded good then Pete, but the £1500 is a an issue, along with the fact that I owe much less than 60%.. I'll stick on my 2.5% for now....

Edit, my Missus has just reminded me that she wants to move this year.. No chance sweetie.. I'm happy where I am..

You can normally stick the £1,500 onto the mortgage to pay it over the period, Dan.

The 60% (LTV?) is for when you owe LESS than 60% of the value of the house, so your sound.

I'm currently on 2.5%, and they will go up, probably slowly at first, but to fix for 10 years and take a lot of risk out, is very tempting. I still think within 2-3 years we'll all be paying 3.5-4.5%, if not more.

Who are you with, the Skelmersdaleshire?

 

[bluewolf]

You can normally stick the £1,500 onto the mortgage to pay it over the period, Dan.

The 60% (LTV?) is for when you owe LESS than 60% of the value of the house, so your sound.

I'm currently on 2.5%, and they will go up, probably slowly at first, but to fix for 10 years and take a lot of risk out, is very tempting. I still think within 2-3 years we'll all be paying 3.5-4.5%, if not more.

Who are you with, the Skelmersdaleshire?

To be honest mate, my loan is pretty small so the £1500 is fairly large in comparison.. It would probably work out that there would be no tangible benefit over the period of the loan, and that's assuming the interest rate goes up in the short term, which I don't expect it to. I suspect another year at least of 0.5% interest rates..

And no, I'm not with the Skelmersdaleshire!! I'm with the Appley Bridge branch of Coutts!!

I'm just having the "4th bedroom" discussion with my Missus. She wants an additional bedroom for when guests visit. An additional bedroom would cost another 30-50k round here.. My view is that it would be cheaper to put our "guests" up in a local hotel than bang another 10 years on the mortgage.. I've told her she can stick a sofa bed in the front room.. See, a successful relationship is all about the compromise

 

[Liverbirdie]

I'm with the Appley Bridge branch of Coutts!!

What happens if your not bald, though?

 

[bluewolf]

What happens if your not bald, though?

Strangely enough, the question never came up