Mortgage decisions

[mikey P 500]

The short question is where do people think rates will be 2 yrs with britex.

The more detailed question is should I move my mortgage from the standard variable of 2.25% to a 2 yr fix of 1.19℅ (this would save me £200ish a month),but at the end of 2yrs I will no longer have the option of the standard variable as their current product isn't as good so would be relying on another product to move to. Would likely over pay the £200 a month between now and then as used to the current amount, so this would slightly help the price in 2 yrs. Also worthy of considering is house prices currently we are just over the 60% loan to value but a sharp fall in house prices could change this in two years meaning worse products on offer anyway.

[Sarnie]

mikey P 500 said:

The short question is where do people think rates will be 2 yrs with britex.

The more detailed question is should I move my mortgage from the standard variable of 2.25% to a 2 yr fix of 1.19? (this would save me £200ish a month),but at the end of 2yrs I will no longer have the option of the standard variable as their current product isn't as good so would be relying on another product to move to. Would likely over pay the £200 a month between now and then as used to the current amount, so this would slightly help the price in 2 yrs. Also worthy of considering is house prices currently we are just over the 60% loan to value but a sharp fall in house prices could change this in two years meaning worse products on offer anyway.

Given the low lifetime variable rate you already have, I probably wouldn't give that up for a low rate for two years only........I'd probably still remortgage and move to a better lifetime product at circa 1.49% currently at 60% LTV

[mikey P 500]

Thanks for above advice, so the longer term option of having a 2℅ above base rate mortgage is worth keeping hold of even though it would be £200 a month less to fix currently, surely if rates stay low I'm just wasting almost £2500 a year, as is it not ikely Britex will mean low rates for alot longer anyway, and likely fixed deals around that under cut my 2.25 will still be around in a couple of years (I do have about 20 yrs left on mortgage in total so understand over a number of years rates my rise but if I could save now on intrest I could be over paying to reduce capital?
Anyone else had similar and can share advice.

[Sarnie]

mikey P 500 said:

Thanks for above advice, so the longer term option of having a 2? above base rate mortgage is worth keeping hold of even though it would be £200 a month less to fix currently, surely if rates stay low I'm just wasting almost £2500 a year, as is it not ikely Britex will mean low rates for alot longer anyway, and likely fixed deals around that under cut my 2.25 will still be around in a couple of years (I do have about 20 yrs left on mortgage in total so understand over a number of years rates my rise but if I could save now on intrest I could be over paying to reduce capital?
Anyone else had similar and can share advice.

As I said, move to a lifetime variable like I mentioned above at 1.49%......lower than your current rate, if rates do stay low like you predict then you won't need to remortgage in 24 months.......

[mikey P 500]

Where can I find the 1.49 tracker for life from?

[Sarnie]

mikey P 500 said:

Where can I find the 1.49 tracker for life from?

Drop me a mail!