5yr fix or 10yr fix
Discussion
Now I know this is how longs a piece of string stuff.
Balance on house me and my brother have a mortgage on and he lives in is £32,781
Mortgage is currently with nationwide and we pay £246 and some pence.
Had some advice and its either 5 yr fix at £213 or 10 yr fix at £226.
Now we would like to continue to pay the £246 we currently pay as that's how its set up and my brother wants to keeps it like that but hes not really in a position to pay more.
So 5 or 10, with brexit being mentioned all the time will it throw a spanner in it if we take the 5 yr fix?
Is a 10 yr fix just too long.
please don't baffle me with too much as id like this to be as simple and as trouble free as possible as getting me and my brother together is a huge task in its self as he works shifts and im away all week, and nearly every Saturday hes off im busy as its the only time I get to do and get stuff done.
Balance on house me and my brother have a mortgage on and he lives in is £32,781
Mortgage is currently with nationwide and we pay £246 and some pence.
Had some advice and its either 5 yr fix at £213 or 10 yr fix at £226.
Now we would like to continue to pay the £246 we currently pay as that's how its set up and my brother wants to keeps it like that but hes not really in a position to pay more.
So 5 or 10, with brexit being mentioned all the time will it throw a spanner in it if we take the 5 yr fix?
Is a 10 yr fix just too long.
please don't baffle me with too much as id like this to be as simple and as trouble free as possible as getting me and my brother together is a huge task in its self as he works shifts and im away all week, and nearly every Saturday hes off im busy as its the only time I get to do and get stuff done.
towser44 said:
I've just switched product on mine today funnily enough! Came to the end of a 2 year fix where the monthly payment was £249, had the option of a 2 yr fix at £243 a month or a 5 year fix at £259. I've gone for the 5 yr fix for a little bit of security knowing the payments for the next 5 years and I overpay anyway by on average a £100 - £150 per month.
I can afford to over pay a lot more but my bro is s
t with money and can keep his head above water and knows ill bail him out if need be but I don't want to have to unless I need to. Sorry not been in good signal range and my mobile is a bit iffy so try and not post from it.
The house was my dads old house we bought the middle child out, (meaning me the youngest and my brother the oldest)
Nothing extravagant in terms of property wise it was valued at £115.000 IIRC anyway oldest brother and I asked middle brother what he wanted out of it as we d buy him, (im already with MRS400 and live elsewhere and oldest wanted to stay in the house for personal reasons, memories etc etc)
Middle brother came back and said "just give me £25.000" so we borrowed £40.000 to have some stuff done (bathroom/kitchen etc etc)
The mortgage is already with Nationwide and the two deals we ve been given the rates are as follows
5yr is initial rate 2.09% and the 10yr is initial rate 2.99%.and they are both fee free. now I know nothing as to whether or not these are good/bad etc I drive a lorry for a living (hence why I said in the OP I need it to be as easy as possible, I.E not shopping around etc)
Exit fees im not sure on what they would be for either deal and it ll not be for sale or will he be moving hes very happy where he is, ( a sentiment I wish MRS400 would have, but that's another story)
Lastly seeing as I seem to have written an essay, in light of Sarnies post regarding what were you doing 5/10 yrs ago I think I am going to swap it to the 5 yr fix, the little amount we will be overpaying will chip away at it and then if my brother has sorted himself out a little then we can reassess it then.
Hope theres not too much drivel in there for you all and many thanks for the people that have taken the time to reply.
The house was my dads old house we bought the middle child out, (meaning me the youngest and my brother the oldest)
Nothing extravagant in terms of property wise it was valued at £115.000 IIRC anyway oldest brother and I asked middle brother what he wanted out of it as we d buy him, (im already with MRS400 and live elsewhere and oldest wanted to stay in the house for personal reasons, memories etc etc)
Middle brother came back and said "just give me £25.000" so we borrowed £40.000 to have some stuff done (bathroom/kitchen etc etc)
The mortgage is already with Nationwide and the two deals we ve been given the rates are as follows
5yr is initial rate 2.09% and the 10yr is initial rate 2.99%.and they are both fee free. now I know nothing as to whether or not these are good/bad etc I drive a lorry for a living (hence why I said in the OP I need it to be as easy as possible, I.E not shopping around etc)
Exit fees im not sure on what they would be for either deal and it ll not be for sale or will he be moving hes very happy where he is, ( a sentiment I wish MRS400 would have, but that's another story)
Lastly seeing as I seem to have written an essay, in light of Sarnies post regarding what were you doing 5/10 yrs ago I think I am going to swap it to the 5 yr fix, the little amount we will be overpaying will chip away at it and then if my brother has sorted himself out a little then we can reassess it then.
Hope theres not too much drivel in there for you all and many thanks for the people that have taken the time to reply.
MJB1.
He's just generally not very good with money, because in reality he's only paying £123 a month as the £246 is the total , we pay half each.
He's all for the easy life, up until a few yr's ago he always auto renewed his car insurance, never shopped round for anything.
Tried talking to him and explaining the way me and MRS400 do things just seems to fall on deaf ears.
He's just generally not very good with money, because in reality he's only paying £123 a month as the £246 is the total , we pay half each.
He's all for the easy life, up until a few yr's ago he always auto renewed his car insurance, never shopped round for anything.
Tried talking to him and explaining the way me and MRS400 do things just seems to fall on deaf ears.
Welshbeef said:
cossy400 said:
MJB1.
He's just generally not very good with money, because in reality he's only paying £123 a month as the £246 is the total , we pay half each.
He's all for the easy life, up until a few yr's ago he always auto renewed his car insurance, never shopped round for anything.
Tried talking to him and explaining the way me and MRS400 do things just seems to fall on deaf ears.
Can you buy him out?He's just generally not very good with money, because in reality he's only paying £123 a month as the £246 is the total , we pay half each.
He's all for the easy life, up until a few yr's ago he always auto renewed his car insurance, never shopped round for anything.
Tried talking to him and explaining the way me and MRS400 do things just seems to fall on deaf ears.
Change it so he is your lodger entirely yet you own the asset.
Maybe have to start twisting his arm in the future and get it paid of as Yes its only £123 a month but its £123 I could wasting on cars.
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