Discussion
I've been flirting with changing for some time but with holidays work etc can was kicked down the road.
Anyway currently on a 3.28% offset lifetime variable with Barclays.
Looking at current offers from them
1. Lifetime tracker for Premier account holders (we are) which is 2.49% (Base rate + 1.99%) with a £499 fee
2. 10 year fixed it is 2.79% with a £999 fee
The other thing is my current mortgage has a feature which I have activated which is called rebalancing which means at any point up to day-1 before its due to be repaid I can take he whole value of the mortgage back out @ base rate + 2.78%.
Both of the options I've looked at above do not have this feature as such - purely because I love a huge safety net for the big unknowns I'd take a mortgage out for much more to compensate. Note I could sell one buy to let and totally clear my mortgage with a nice amount left over so pretty low risk.
What do you think of the above options stay as is move to a new cheaper offset but not quite as loose as my current one or go for utter safety of a ten year mortgage at 2.79% I mean how much lower could it really go?/with Brexit rates could go up this would mitigate it.
Another point we're going to be building an larg extension which will I'm estimating to be in the £150-200k territory and wouldn't need further borrowing to achieve this end result.
Is it worth waiting until Aug BOE / Sept to see how the market plays out?
Anyway currently on a 3.28% offset lifetime variable with Barclays.
Looking at current offers from them
1. Lifetime tracker for Premier account holders (we are) which is 2.49% (Base rate + 1.99%) with a £499 fee
2. 10 year fixed it is 2.79% with a £999 fee
The other thing is my current mortgage has a feature which I have activated which is called rebalancing which means at any point up to day-1 before its due to be repaid I can take he whole value of the mortgage back out @ base rate + 2.78%.
Both of the options I've looked at above do not have this feature as such - purely because I love a huge safety net for the big unknowns I'd take a mortgage out for much more to compensate. Note I could sell one buy to let and totally clear my mortgage with a nice amount left over so pretty low risk.
What do you think of the above options stay as is move to a new cheaper offset but not quite as loose as my current one or go for utter safety of a ten year mortgage at 2.79% I mean how much lower could it really go?/with Brexit rates could go up this would mitigate it.
Another point we're going to be building an larg extension which will I'm estimating to be in the £150-200k territory and wouldn't need further borrowing to achieve this end result.
Is it worth waiting until Aug BOE / Sept to see how the market plays out?
When I saw who the OP was I thought I would bookmark this thread for its wallet waving potential but didn't even have to wait that long.
There's a chance of a rate cut in August, but also about 2/3 of the economists were expecting one last week. Personally, I would wait and see till that's out of the way.
There's a chance of a rate cut in August, but also about 2/3 of the economists were expecting one last week. Personally, I would wait and see till that's out of the way.
limpsfield said:
When I saw who the OP was I thought I would bookmark this thread for its wallet waving potential but didn't even have to wait that long.
There's a chance of a rate cut in August, but also about 2/3 of the economists were expecting one last week. Personally, I would wait and see till that's out of the way.
For the trackers they will flex up and down with BOE+1.99% or +2.78%. I wonder if fixes have priced into current offerings the saving? There's a chance of a rate cut in August, but also about 2/3 of the economists were expecting one last week. Personally, I would wait and see till that's out of the way.
Is it smart to be taking risks on interest rates now especially if a fix can be achieved at such a low level if they drop further Meh it's buttons different.
Ozzie Osmond said:
Welshbeef said:
10 year fixed is 2.79% with a £999 fee
That sounds like "bite their hand off" time - but only if you think you need a fix in the first place. Ten years of sleep-filled nights is not to be sniffed at!I've not had a fixed mortgage for maybe 8 years now so am used to offset with everything linked to it.
My first rule of credit is to get as large a facility as you can when the going's good. None of us know what's coming up and the clincher for me in your circumstances is the need you'll have when you build your extension. Not having to go through the hoops when the time comes and just being able to draw down the money when you want it and without reference to the lender is a big attraction.
Of course, only you can put a value on that...
Of course, only you can put a value on that...
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