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Hi. Just wondering if anyone has/is fixing in any of their mortgage deals for 10 years. For me it seems too long as a lot can change in that length of time, in your personal life as well as possibly wanting to sell up etc.
If anyone who reads this has fixed in or is thinking of fixing in for 10 years I was hoping to find out the thinking behind it, I understand everyone's position/ambition differs from each other.
Good question. I think 10 years a bit too long in the current economic conditions and the rates are not that great, although they do seem to becoming more competitive.New 10 year fixed rates - TMW & NationwideBTL 10 year fixed rate mortgagesInvestec 10-year fixed BTL mortgage at 3.69%Five year fixes are also competitively priced, so that is my preferred length of "fix".Mortgage 5 or 10 year fixed
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I am about to fix my resi mortgage for 7 years at 1.99%. I am also borrowing additional funds against it (borrowing up to the hilt tbh) and this timeframe gives me peace of mind.
After 7 years I’ll probably sell up and move to sunnier climes.
I like to keep my BTL mortgages at 2 year fixed for flexibility to sell or remortgage at higher values.
Everyone assumes that there are no long term fixed rates without ERC's. There are lenders who have 5 year fixed rates (2.79%) with no ERC's. This rate is good to 65%LTV, but there is another fixed rate of 3.05% up to 75% LTV..
If anyone is interested in this and would like to talk through some options, please feel free to call me on 07751 042485 or 01206 654444.
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Telephone: 07751042485 01206 654444
That’s a long time in btl. I have fixed my resi for ten, as I have no intention of gearing up from my home. I’d be concerned that options to change strategy would be limited by tiring in for this long. A no ERC deal would make it more attractive but then I guess it’ll cost you in monthly payments.
Personally I like 5 years. Staggered between properties to allow me to change approach as each matures. It protects against rate rises and gives time for some gain to occur, in some instances meaning that I’d consider releasing some capital when the time comes to remortgage.