Fix mortgage at 4%

[Alexalee]

Would you fix now at 4% for 10 years. Need to decide before Wednesday

Current 2% rate runs out in january

I’m old. 10 years feels like last year.

I fixed for 10 years as I’m not moving anywhere. Did not want to ever increase the amount due to age and wanted the security of a fix at 2.4%. Rates will never be as low as they have been in the past.

Do you want to move within the next 10yrs? Do you value stability over possibly getting a cheaper deal in the future? It really depends on your plans for the future.

Never is a long time, but 2.4% is a rate that should leave a smile on your face.

Life would have to fuck up considerably for that to happen. Planning on being carried out of here in a box, have lived in the same area for 47 years. Mortgage is small and comfortably affordable at that rate, we have benefitted from lower rates for some time now and so like knowing payments will be fixed long term.

Is that definitely the cheapest deal on offer for you.

Are you planning on moving in the ten years?

The TSB 10year mortgage had a clause in it that you could walk away after five year if you paid off in full - is this a possibility with your provider?

Can you overpay each month?

the interest rate of 4% on each £100,000 is £4,000pa so £11 a day or £77 a week.

For us, I would consider it if our mortgage was bigger, but I look at the app each day, and if we have saved £5.00 in Tesco by getting reduced I pay it off the mortgage. I’m determined to be mortgage free by Christmas 2023/31st December 2023, and three stone lighter, so only healthy food is coming in this house for the next year!!

Part 2

my apologies

if it’s more than one of you, decide together what you want to do, We always liked fixed, cos each week you know exactly how much you need, the mortgage lady told me years ago, that interest is accrued daily, so if you can pay the interest off daily you will get ahead quickly.

whatever you decide I wish you the best of luck

We still have very low interest rates by historical standards.

Indeed. When I took my mortgage I went for a tracker. The base rate at the time was 5.75%.