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uptherebels

Mortgage Maze

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Ok. Posted this in the Mortgage part of this forum, but there seems to be nothing but tumbleweed in there :lol: because you are all too busy in here slagging each other off!

If taking out a mortgage at the moment, how long would you fix for? Everyone seems to feel that rates will rise, so assume that fixing is the way to go? But how long for? I assumed that the longer you fix for, the higher the rate. HSBC are currently doing a 7 year fix at a lower rate than the 5 year one.

Thoughts/comments please.

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Ok. Posted this in the Mortgage part of this forum, but there seems to be nothing but tumbleweed in there :lol: because you are all too busy in here slagging each other off!

If taking out a mortgage at the moment, how long would you fix for? Everyone seems to feel that rates will rise, so assume that fixing is the way to go? But how long for? I assumed that the longer you fix for, the higher the rate. HSBC are currently doing a 7 year fix at a lower rate than the 5 year one.

Thoughts/comments please.

Try http://www.moneysupermarket.com/mortgages/ . What can you afford? What do you want to spend?

How are we supposed to steer you? This isn't a forum full of mortgage intermediaries taking commissions. Well, most of us are in the same boat and want to save money.

A penny saved is a penny earned, and it's only going to happen if you show due diligence.

Get one you can well afford, has the least £ee's and extra$, and is the most flexible...for you.

But....if BOE rates are at/near zero, what direction can they go from here?

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Try http://www.moneysupermarket.com/mortgages/ . What can you afford? What do you want to spend?

How are we supposed to steer you? This isn't a forum full of mortgage intermediaries taking commissions. Well, most of us are in the same boat and want to save money.

A penny saved is a penny earned, and it's only going to happen if you show due diligence.

Get one you can well afford, has the least £ee's and extra$, and is the most flexible...for you.

But....if BOE rates are at/near zero, what direction can they go from here?

Yeh right. Not looking for steering, and how much I can afford or want to spend is not really relevant. I am not just looking for the best deal. As you say, moneysupermarket and its clones can sort all that out for me. I am asking how long do you think it would be a good idea to fix for, that's all.

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Ok. Posted this in the Mortgage part of this forum, but there seems to be nothing but tumbleweed in there :lol: because you are all too busy in here slagging each other off!

If taking out a mortgage at the moment, how long would you fix for? Everyone seems to feel that rates will rise, so assume that fixing is the way to go? But how long for? I assumed that the longer you fix for, the higher the rate. HSBC are currently doing a 7 year fix at a lower rate than the 5 year one.

Thoughts/comments please.

If you can fix for 7 years at a little over 5% that looks OK.

Historically, I don't think there are many 7 year periods where mortgage rates averaged less than 5%, but plenty where they averaged far more.

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Rinoa is right, but during the depression rates stayed low for years, going from 5.85% in 1929 to 1.73 in 1933. How will you feel if you're paying double or triple, or quadruple the bank rate for 4 years?

I think rates will go up but not by much and not soon and not quickly.

More people can afford to track the base rate than they think.

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If you can fix for 7 years at a little over 5% that looks OK.

Historically, I don't think there are many 7 year periods where mortgage rates averaged less than 5%, but plenty where they averaged far more.

I have to agree with you on this one, shocker, but OP should get something that they can afford today and consistently into the future.

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