[Closed] Five year fixed rate Remortgages, current deals, experiences.

This is money has a decent calc here  http://www.thisismoney.co.uk/money/mortgageshome/article-1633400/Mortgage-calculator-Compare-true-cost-rates-fees.html

Not sure if it helps

We've had our mortgage with HSBC for 2+2 years now and will renew with them again as we seem to fair better with their rates. The last time HSBC messed up for two weeks after our old rate lapsed, they refunded the increased rate payment for the two weeks and waived the one off fee. But they really did lead us on a merry dance.

No experience with FD

We renewed ours with the Coventry as I'd been made redundant so wouldn't have gotten a mortgage on my new income so didn't want to have to declare that. We did discuss with them about starting from scratch with a new application them but the odds of the house value pushing us up to a better LTV ratio were quite small so safer to just stay put.

The five year rate was actually less than the two year rate we were on originally (<2%) which compared very well to anything on a comparison site.

Might still be worth phoning your current provider, the rate we got wasn't the same as on the comparison sites. And the rate we got originally was only available via a broker (and beat the comparison sites even after his fee).

They did mess up the paperwork like Tuskasloosa's above, so that's not just a HSBC thing . But were very apologetic about it and refunded the overpayments.

I looked at this a couple of years ago and when I compared the additional monthly charges for the higher fixed rate there was no way it was worthwhile compared to the low variable rates at the time. Iterest rates would have had to rise significantly and quickly for the 5 year fixed rates to be benefitial. Even now with us closer than ever to interest rate rises, they're going to rise very very slowly - over 5 years probably not more than 3/4 to 1 percent at the most....especially with Europe knocking on the door of recession. You shouldn't focus on the interest rate....you need to focus on how much you're going to pay back and when I went around it fixed rate deals were not worth it.

Ultimately its about risk and what your personal financial circumstances are like and if you can tolerate a possible few £15 -£20 a month rises over 5 years. Since I took on our remortgage the interest rate went down by 1/4 percent 6 months or so after, and recently went back up, so we're where we when we initially took it on and over this last 2 year period we've saved about £30 per month compared to the fixed rate option which is basically £720 off my capital instead of £720 lining the banks pockets, so we're well ahead compared to where we would have been if we'd fixed in.

I just got a 2 year fixed with Yorkshire Bank, 1.59%, no fees.

Just got 5 year fix with HSBC, 1.84%.

Decent rate but would not recommend at all, right PITA to deal with and still have problems to sort out months down the line. Not worth the agro to save less than 0.5% over previous BOS, wish we'd stayed put.

Email in profile if you want me to work it out for you free of charge.  25 years Regional Mortgage Manager for a high street lender. Be quick though...leaving soon and setting up self employed. Will not be free then! Reasonable but not free :).

We ended up stating with our current lender (Skipton). Our rate might be 0.2-0.3% higher than we may have got else where but once we'd accounted for the fees and the messing around moving etc. we decided to stay put.

So I'd suggest speaking to your current lender see what they say?

We use L&C Mortgages every time, free broker recommended by MoneySavingExpert.

If you're planning on going fixed for 5 years to avoid interest rate hikes, how about a 10 year fix?

Just got a 5 year fix with Santander, £1k fee, 1.79%. Not bad to deal with, slight hiccup with their solictors but quickly resolved and infinitely better than the halfwits at Natwest Mortgages. They sent someone else's proof of income, utility bill, council tax bill etc back to me by mistake. Everything you'd want for a nice bit of identity fraud, Natwest weren't remotely bothered though

1yr into a 5yr first direct fixed.  5 year Rates dropped since we took it out, despite the interest rates actually going up!

it was a massive pita.  I remember doing a lot of chasing and in the end having to find and pay a solicitor to say I was me.  it took months.

whether you want a variable depends how much desposible income you have left after bills.  we are tight with two in nursery at the moment and buying new furnture / fixing old house.  Plan is by year 5 the worst will be behind us and possible could look to a variable

The 5 years fixed mortgages are a steal at the moment.... that really is not normally the case.

I stayed with YBS recently as I have found the service they provide excellent.

When calling they generally answer quickly and the lovely ladies (sometimes a fella) of leeds could not be more helpful in answer your questions/queries.... I could have got a slightly cheaper rate by switching.

Good luck

i stayed with my current lender (rbs) as above the best rate i could get over and above them was 0.25% and would have required revaluation and all the paperwork / checks....

as my mate found out when he went to jump to hsbc - that doesnt always work in your favour - he got a valuation well below what he expected and ended up in a different LTV bracket.

They got told to poke it , and he went with his BOS renewal which was old valuation + the national or regional - i forget % increase to work out his new LTV. So if your on the shoulder of a new LTV its worth calling up your current provider they can sometimes be alot more flexible in respects of what they are willing to value your house at over the phone.....

We took a 5 year fix luckily just before the rate increase with Barclays.