morgage renewal
Discussion
i think you want to be on a tracker, although you've left it a bit late, as the %age uplift the banks put on the base rate has just changed for the worst. It's also costing nearly a grand to buy the product. However I suspect interest rates will remain low, and possibly go down until at least the end of this year, and if thye go up next year, it'll only be 1% point through the course of the year. That will still mean that you will be paying less per month than you are now. But you ned to calculate in the cost of buying the product. I have a realtively small mortgage, and even i've saved £220 pm by switching to a base rate tracker.
clarkmagpie said:
fixed or variable?
after 3 years fixed is it now time to change to variable?
thoughts please...
I haven't done any research on the market but I would guess that the fixed rates are quite high at the moment. It'd be nice to think that there would be someone who would fix you at 1% or 2% but I suspect that there's no one out there doing this. Just a hunch, as I say. That means with interest at an all time low you probably want to get on the variable rate. Like everything though, do you research see what people are offering and take a guess which way you think interest rates are going to go and when. They can't go any lower (meaning they can only go up!) but there again they might not go up for another year. I would say there's another year but others might disagree. Hope this helps.after 3 years fixed is it now time to change to variable?
thoughts please...
stockhatcher said:
i think you want to be on a tracker, although you've left it a bit late, as the %age uplift the banks put on the base rate has just changed for the worst. It's also costing nearly a grand to buy the product. However I suspect interest rates will remain low, and possibly go down until at least the end of this year, and if thye go up next year, it'll only be 1% point through the course of the year. That will still mean that you will be paying less per month than you are now. But you ned to calculate in the cost of buying the product. I have a realtively small mortgage, and even i've saved £220 pm by switching to a base rate tracker.
Christ, can I have a go on your crystal ball please.Road Pest said:
stockhatcher said:
i think you want to be on a tracker, although you've left it a bit late, as the %age uplift the banks put on the base rate has just changed for the worst. It's also costing nearly a grand to buy the product. However I suspect interest rates will remain low, and possibly go down until at least the end of this year, and if thye go up next year, it'll only be 1% point through the course of the year. That will still mean that you will be paying less per month than you are now. But you ned to calculate in the cost of buying the product. I have a realtively small mortgage, and even i've saved £220 pm by switching to a base rate tracker.
Christ, can I have a go on your crystal ball please.
Road Pest said:
How can anyone advise this person to take a variable rate without any idea of his personal circumstance?
for the exact same reason as to why any one would request financial advice on a motoring forum. Its just opinion, speculation, real world examples, from which you can make some decisions. clarkmagpie said:
fixed or variable?
after 3 years fixed is it now time to change to variable?
thoughts please...
Punch your house into zoopla, what's it worth now? How big is your mortgage? What is your current LTV? Can you afford for your mortgage payment to double? Are you single? Are you married? Having kids? Got kids? What age? What's your current income? Is your work likely to be affected by the recession? How old are you?after 3 years fixed is it now time to change to variable?
thoughts please...
Merc fan said:
Road Pest said:
How can anyone advise this person to take a variable rate without any idea of his personal circumstance?
Because interest rates are 0.5%, meaning that whatever his personal circumstances are it will be less than he currently has.
Take a variable rate Clarkmagpie!Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff