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Mortgage advice

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I'm out of my 5yr fixed rate deal (5.2%) at the end of April and as an existing nationwide customer I will transfer to their svr which is 2% above the base rate = 2.5%. ok this is obviously good but I… Read More
dinglebin Avatar
7y, 2m agoPosted 7 years, 2 months ago
I'm out of my 5yr fixed rate deal (5.2%) at the end of April and as an existing nationwide customer I will transfer to their svr which is 2% above the base rate = 2.5%. ok this is obviously good but I'm torn between staying on this and fixing again when the rates start to climb or tying myself in now for another 5yrs on a fixed rate. There aren't that many good fixed rates knocking about though. What would you do? I have a LTV of 50% so I'm a safe bet with most lenders!
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dinglebin Avatar
7y, 2m agoPosted 7 years, 2 months ago
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#1
I'm looking through deals at the moment, as my 5yr fixed rate ends in November,
I would say that the rates available at the moment 5.6%+ do not make it worthwhile going for another 5yr fixed rate, but I am looking at 2 or 3yr fixed rates which appear to offer much better rates imho,
eg 2yr 3.08% and 3yr 4.14% with yorkshire building society.
Most opinions seem to be that base rate will stay below 1% for the rest of this year, so perhaps you are better off staying on svr until such time as base rates go up
#2
2.5% is the lowest rate of any around at present. I'd stick with that for a few months and see what happens after the election. Bank rate is likely to rise but it depends who (if anyone!) wins as to how much rise is likely to be. I'm expecting a bigger rise if Cameron's lot win but I could be wrong.

In reality, your question is a bit like asking for advice about which shares to invest in, everything is a bit of a lottery and you'd best make your own mind up. It's your money, after all!
#3
I have always been on a fixed rate and was absolutely gobsmacked when I switched to variable and my mortgage payment reduced by more than half.
#4
been on abbeys base rate since 2006. monthly payments were nearly a grand at one point due to the rates, but thanks to the credit crunch im paying 50 quid lower than when i was at a fixed rate.....
banned#5
stick with nw at 2.5%

unlikely imo that rates will go up by more than 0.5-1.0% in the next year
#6
no brainer 2% above base, stick with it!
banned#7
vinylandtrinkets;8084759
OP my fixed rate is ending in August 4.54% with HSBC Abbey offered me 2.99% fixed for 2 years which is what we will be changing too.
no matter who wins the next election over the next 2 years mortgage rates are going to rocket just like they did in the last 2 recessions, if you can get a good fixed rate take it
http://www.moneysavingexpert.com/mortgages/
have a look on here theres loads of info, speak to your own bank and see what they are able to offer. shop around A LOT until you find a deal you like. personally i would tie in for 5 years, 3 is plenty to tie in for.

isnt the recession technically over? :?

lets face it, all the 'experts' said interest rates would go up massively in 2009/10 and house prices would still plummet.

so far, interest rates havent moved in over a year and house prices have been rising for 6 months on average nationally (2 years in my area - 10-15% per year!).

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