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?
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.
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