Your next mortgage

Keawyeds

Striker
A fiscal conundrum for you this arvo.

I'm awaiting for some kind of housing farce in March when they reintroduce stamp duty and the other thing which slips my mind, but here we are again, a new mortgage product is soon required for Casa de Keawyeds.
I'm using Trussle mortgage brokers. I've used them ever since we got this house and I really recommend them. Or maybe we've just got a great bloke. Either way.
Yes I'm quite capable of looking for an arranging my own, but this takes a bit of hassle out and in all honesty we wouldn't have found the mortgage we got originally had it not been for them, so there.

We've been in 2 minds as to what to do. Do you go short again and have another 2 year fixed and have to do it again in 2 years, or do you play a slightly longer game.
How long as you going for you next mortgage? How long do you usually go for?

I've seen the recommendations and to be honest on this occasion it'll be either 2 year or 3 year fixed. I can't see the benefit of going for a longer one. Not without whacking great fees.
Thoughts?
 


Kevsgreat

Striker
Think we went five year last time, but really just cos any shorter seemed too short term for anything to really change and any longer seemed... like a long time.
 

Keawyeds

Striker
Think we went five year last time, but really just cos any shorter seemed too short term for anything to really change and any longer seemed... like a long time.

The 5 we've been suggested has fees of basically £1,500 which when I worked it out (i.e. divided it by the months it's basically the same as a 3 year in terms of monthly repayments.
If that could have the fees added rather than paid up front that is.

I'm not sure that'll put us in a better position than the 3 year with no fees to be honest
 
I think we went for a five year early last year mainly because everything was a bit mad. We’re generally a bit risk averse on things like this so are happy to pay a bit more for a bit more security and things were up in the air about the economy and house prices.

We’re also lazy so I agree about continuing to use a decent broker when you find one. It was so easy to sort out we barely noticed. And it was a good deal as it turns out, very little in it between the 2, 3 and 5 year fixed.
 

Hammer

Winger
A fiscal conundrum for you this arvo.

I'm awaiting for some kind of housing farce in March when they reintroduce stamp duty and the other thing which slips my mind, but here we are again, a new mortgage product is soon required for Casa de Keawyeds.
I'm using Trussle mortgage brokers. I've used them ever since we got this house and I really recommend them. Or maybe we've just got a great bloke. Either way.
Yes I'm quite capable of looking for an arranging my own, but this takes a bit of hassle out and in all honesty we wouldn't have found the mortgage we got originally had it not been for them, so there.

We've been in 2 minds as to what to do. Do you go short again and have another 2 year fixed and have to do it again in 2 years, or do you play a slightly longer game.
How long as you going for you next mortgage? How long do you usually go for?

I've seen the recommendations and to be honest on this occasion it'll be either 2 year or 3 year fixed. I can't see the benefit of going for a longer one. Not without whacking great fees.
Thoughts?

Depends how your LTV is likely to change over the course of the fix. If you're going to drop into a lower interest rate range over two years it's better to go short (obviously offset against risk of interest rates rising significantly in the interim) but if you're already below 60% LTV you may as well lock in the rate for longer.
 

Keawyeds

Striker
Depends how your LTV is likely to change over the course of the fix. If you're going to drop into a lower interest rate range over two years it's better to go short (obviously offset against risk of interest rates rising significantly in the interim) but if you're already below 60% LTV you may as well lock in the rate for longer.

LTV is still over 60% hopefully we'll be closer to 60 by the end of this next product!
 

FlyingLotus

Central Defender
We did it ourselves recently using the comparison sites and went for a five year deal, think we’re paying about £110 a month less than before so we were happy to put it off again until 2025.
 

Keawyeds

Striker
Do you plan on moving within 5y?

I doubt it. Mini K is going to pre-school in September so I can't see us going anywhere for a bit. Plus we've spent some on doing up bits of the house. It would be daft to do it and then leave without having chance to properly enjoy it.
Still have some bits to do to put our stamp on it
 

monkeytassle

Striker
I doubt it. Mini K is going to pre-school in September so I can't see us going anywhere for a bit. Plus we've spent some on doing up bits of the house. It would be daft to do it and then leave without having chance to properly enjoy it.
Still have some bits to do to put our stamp on it
So remember If you take out a long mortgage you have to pay early repayment charges.
 

42

Winger
Depends on the value of the mortgage.
I'll just be renewing short term with current provider, as any potential savings in 0.2% interest or whatever just isnt worth the fees.
 

Roaring Chubby

Midfield
The options with fees tends to answer itself based upon how much you owe ie.does a higher fee lower rate deal save you more money net over the term. Tends to favour higher debts. Longer vs shorter term deals is about your appetite for risk, at least in part.
 

Keawyeds

Striker
I've always had short term ones. I think I had a 3 possibly 5 (it's feel like a long time ago) when I got my flat.
That felt like an age for some reason.

It's not a major hassle to change it every couple of years
 

MackemBob

Winger
We are due a change this year. The new 3 year fix will be £90 a month cheaper than current so gonna overpay at least that amount. Aiming to pay it off in 7 years.
 
A fiscal conundrum for you this arvo.

I'm awaiting for some kind of housing farce in March when they reintroduce stamp duty and the other thing which slips my mind, but here we are again, a new mortgage product is soon required for Casa de Keawyeds.
I'm using Trussle mortgage brokers. I've used them ever since we got this house and I really recommend them. Or maybe we've just got a great bloke. Either way.
Yes I'm quite capable of looking for an arranging my own, but this takes a bit of hassle out and in all honesty we wouldn't have found the mortgage we got originally had it not been for them, so there.

We've been in 2 minds as to what to do. Do you go short again and have another 2 year fixed and have to do it again in 2 years, or do you play a slightly longer game.
How long as you going for you next mortgage? How long do you usually go for?

I've seen the recommendations and to be honest on this occasion it'll be either 2 year or 3 year fixed. I can't see the benefit of going for a longer one. Not without whacking great fees.
Thoughts?
I went long 2 weeks before the crash of 2008 and it cost me a bastard fortune. I’ve got nee luck me man, if I fell into a barrel of tits I’d come out sucking my thumb :(
 

Longy

Striker
A fiscal conundrum for you this arvo.

I'm awaiting for some kind of housing farce in March when they reintroduce stamp duty and the other thing which slips my mind, but here we are again, a new mortgage product is soon required for Casa de Keawyeds.
I'm using Trussle mortgage brokers. I've used them ever since we got this house and I really recommend them. Or maybe we've just got a great bloke. Either way.
Yes I'm quite capable of looking for an arranging my own, but this takes a bit of hassle out and in all honesty we wouldn't have found the mortgage we got originally had it not been for them, so there.

We've been in 2 minds as to what to do. Do you go short again and have another 2 year fixed and have to do it again in 2 years, or do you play a slightly longer game.
How long as you going for you next mortgage? How long do you usually go for?

I've seen the recommendations and to be honest on this occasion it'll be either 2 year or 3 year fixed. I can't see the benefit of going for a longer one. Not without whacking great fees.
Thoughts?

If you’ve got a broker who you trust, go with what he suggests rather than second guessing him. Ask him to explain the reasoning, ask why he thinks 2yr vs 5yr is right, what his workings were for paying the fee. If you’ve got to ask people on here to help you to potentially go back & contradict him, you’re not only paying a fee for his service, but then wasting your own time finding a counter argument
If you’ve got a broker who you trust, go with what he suggests rather than second guessing him. Ask him to explain the reasoning, ask why he thinks 2yr vs 5yr is right, what his workings were for paying the fee. If you’ve got to ask people on here to help you to potentially go back & contradict him, you’re not only paying a fee for his service, but then wasting your own time finding a counter argument
I’ve just read that back & I sound arsey! Not meant to come across like the @Keawyeds :lol:
 

The

Midfield
recommendations can only be made on personal circumstances not predictions to rate changes. No one likes to end up on a higher rate than necessary but then no ones got a crystal ball either. When he’s asking you questions be honest and they will made the right recommendation based on your own needs and circumstances.
 

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