[Closed] Mortgage advice, sorry in advance

five year fixes seemed to be the sweet spot for rates when I remortaged a month or so ago.

The one bonus with sticking with the current provider is lack of pissing about. They already know you're good for the money etv, know the property, no solicitors etc etc. Have a quick look on go compare or similar to put your mind at rest.

What % is your Loan-To-Value?

There are a few good mortgage comparison sites out there that will give you a good idea where the market stands based on what your borrowing circumstances are.

I just took a 10 yr fixed at 2.69% in March. Overall cost for it was pretty much the best available. Bear in mind a remortgage at 5yrs could mean another fee in between which may wipe out the cheaper 5 yr deal.

We took the view that we were happy with 10 years of certainty and likelihood of a rate rise in the next few years is looking higher.

2.79% is flipping cheap money, it's amazing how much we are getting used to low interest. My first mortgage was 8% lol

I've just gone 2.79 for 10 years with same provider as a. I retire in 10 years and b. It was all done online and took about 2 mins to fill the numbers in the form click apply and be accepted instantly

I think we are mostly talking Nationwide... I'm due to move in October and am looking the 10 years at 2.79.

sticking with the current provider is lack of pissing about.

Yet in my case, First Direct and TSB do a comparable mortgage that's at 2.59% and save me £3k over the term (sauce, Moneysupermarket).   How much pissing about is there, don't they all have a service to move it all for you?

Definitely worth shopping around. Even 0.1% of a big number times 10 years typically works out at number that would justify at least a bit of effort shopping around.

I did suggest looking at a comparison site before hitting go.

My last switch was forced upon me by virgin money being useless. I was hoping it would be pretty straight forward but it involved a fair bit of chasing, problems with pay slips, p60s, sending off various copies of this that and the other, a valuation, then a solicitors deeds letter which we signed and got counter signed but they werent done right which meant more interest going to the shysters at virgin money.
It was just a fair bit of chasing at a time when I was very busy at work so that probably compounded it.

Might be worth checking what over payment restrictions there may be on that. You might not have any plans for over paying at the moment but situations change (esp. in 10 years) so you never know.

How much pissing about is there, don’t they all have a service to move it all for you?

I switched from Halifax to First Direct last year and there was a fair bit of pissing about. Initial application online was simple enough (you need to upload some supporting docs like bank statements), had a follow-up interview shortly after (someone called me to discuss, mostly asking the mandatory questions checking I could afford it, even though my new mortgage was for less than my previous one, took about 2 hours in total).

After that was several weeks of waiting for the company First Direct use to sort out the underwriting etc., must have been a good 8 weeks in the end, way longer than I was expecting. Think I might have had another call with them at some point in between (my LTV was less than 65% and a fairly low amount vs earnings so it wasn't that I was a high risk they needed extra checks, just took ages).

I went with 5 years but was tempted by 10, main reason I stuck with 5 as an old endowment will mature in 5 years so might use that to pay a chunk off and likely change deal so didn't want to pay the interest premium now for 10 years. I may regret it once Boris/Brexit has screwed up our economy and we have Venezula-style interest rates.

When I moved to nationwide initially it seemed easy enough but then I had to turn up with documents and had to go with the mrs which was a pain due to shifts we were working at the time and then they sent a valuer round, too much faff to be bothered doing it again tbh for me to be bothered about a couple of grand over 10 years

I think I'll go with the 2.79, it can't get much lower (famous last words).

Yes nationwide here for 2.69% I got a 0.1% discount having a flexplus account with them. They also worked out that not paying the fees upfront and adding them to the loan was cheaper over the ten years than paying fees up front.

I couldn't get my head round that but accepted it!

“They also worked out that not paying the fees upfront and adding them to the loan was cheaper over the ten years than paying fees up front.”

That’s because the fees aren’t paid in the 10 year period - they’re due at the end of the loan.

Overall you’ll pay more adding them to the loan because you’ll pay the fees back plus interest on them over the 25 years or whatever the outstanding term is.

I don’t get why they’re allowed to show comparisons like that.

But usually over the duration of the fix the fee upfront version is cheaper. There are a number of exceptions I’ve spotted to this though.

I’m on the same with Nationwide. I figured with Brexit round the corner it might me a good idea to fix it for the long term.

I figured with Brexit round the corner it might me a good idea to fix it for the long term.

at the current rate of progress, a 10 year fix will probably expire on the day we actually leave..