Is this a good Mortgage rate?

[Ohwonderful]

4.6% fixed for 5 years?
Currently on 3.4% due to end in a few months.
I dont have nuchal knowledge in this but from shopping around it seems the best I can get so might have to take it either way however I wondered if opting for 5 years was silly. It's an amount we can afford comfortably enough and also I like the security of knowing that Is out set payment for the next 5 years.
Was hoping you finace gurus might shed some perspective on this.

Depends on your ltv and personal circumstances. There are better rates out there potentially.

These are the best ones on MS as far as I can tell.

50% LTV. Borrowing £150k.

You also need to look at the product fee.

If your mortgage is larger, it can be worth paying a (larger) fee to get a lower rate.

If you can afford it comfortably, and like the security of knowing for the next 5 years, I'd take it.
I think rates might end up slightly lower within the next 5 years - but I don't think we will be going down to the crazy low rates we've seen for the past 15 years. The days of 1% interest rate mortgages are gone for a long time, imo.

I think it depends on your personal circumstances, credit rating, LTV etc

Our 1.79% fix is up at the end of April and we have just received a mortgage offer for 4.04% fixed for 5 years

They valued our house at £510,000 (South East England prices unfortunately) and we owe £190,000

Wow, that’s a great 5 year fix? No fee?

Yes there is fee, forgot that bit.

I think is £995 but when you owe £190k what’s another few quid lol

We’ve just applied for 4.11% with 20% deposit. 5 year fixed, I know rates may drop but we like the reassurance of knowing the cost for 5 years

I suppose.

i always consider the total cost over the period.

You won’t save tonnes, but FirstDirect do a 3.99%, £500 fee. Maybe £800 saving?

Are you definitely going to fix? Purely because my advisor is suggesting a tracker for the next 6-18 months as a holding position to then fix when rates improve. Figures seem to show more people are opting for this at the moment than fixing?

When our broker looked at it for us some lenders wouldn’t accept us due to husband being a contractor and pays tax through the Construction Industry Scheme

The offer we have is from NatWest so still one of the mainstream lenders

Really debated about going with a tracker or shorter fix but it’s £923 a month for 5 years that is affordable for us but it’s such a palava to prove husbands income I’ll need the 5 years to work up to it again :)

We currently pay £797 a month so might do some overpayments that lower the monthly payment (think you have to overpay at least £1,000 for NatWest to lower future monthly payments) until we’re back to paying what we pay now