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which fixed mortgage?! - very undecided

(27 Posts)
Remmy123 Fri 11-Apr-14 06:42:15

Hi all,

We are just at the end of our 5 year fixed rate of 5.59 with santandar.

We have been offered the following rates:

3 years - 2.69 (no fee)
5 years - 3.29 (no fee)

We would like to think we could move within 5 years, this mortgage is portable but if you port your mortgage is it hassle free?

I am so undecided as to go for 3 or 5 years - we have a mortgage of 258,000 house worth 480,000-520,000 making our repayments on our 17.9 year mortgage around 1,500 pcm. We cannot afford any more than this and desperate to get the balance down so keeping the term we are paying nearly 1,000 off the capital every month.

I like the security of 5 years.. But the last 5 years felt like a lifetime. Then of course like everyone, I am worried after the 3 year fixed rates will be sky high.

I am usually very good at making decisions but my husband and I are in a dilemma with this, probably becuase we ended up with a very high fixed rate last time which was a big dinancial mistake... Any thoughts appreciated??

Thank you v much

Remmy

vickibee Tue 15-Apr-14 11:49:47

With first direct you need a min salary of somrthing like �50000, excludes me! I bank with them and was turned down at the first phone call as our salaries were considered too low even though we were only borrowing one multiple of joint income. CRAZY

MrsBrianODriscoll Mon 21-Apr-14 09:44:42

Our LTV is 22%.

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