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Should I go for a 3 or 5 year HSBC fixed term mortgage?


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Written on: 13.01.2010 [06:43]
Bernard
Bernard
Topic creator
Posts: 5
I am not sure what to do. I know that as the rates are low I should probably go for a longer HSBC fixed term mortgage. However I have been offered a great deal on the 3 year. Should I still go for the 5 year even if the rate is different? Or should I go with the best one they have offered me?
Written on: 16.01.2010 [03:53]
Sachi
Sachi
Posts: 6
I think by them offering you more for the 3 year fixed term it shows that the 5 year is the better rate overall. I mean they can not know this for sure, but they certainly have more insight than we do, and if they are trying to offer you a better rate on 3 years I would say it is because it works out better for them in the long run. Not sure if I am just being a huge pessimist but I would guess this is how it works.
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  • Written on: 17.01.2010 [00:46]
    Laurie
    Laurie
    Posts: 1
    Could you not have a look at the figures. Work out how much you would have paid in 3 years and then how much with the 5 year rate.
    Written on: 17.01.2010 [14:49]
    Laurie
    Laurie
    Posts: 1
    Yeh but this isn’t his problem, as even if he figures this out, it still wont show what the rate is going to be in 3 years when his HSBC fixed term comes to an end.