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[MSE Dan]

This is the discussion area for the

Fixed vs Discount Mortgages Q&A Guide

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NB. If you wish to specifically discuss the Quick Should I Ditch my Fix? Calculator, please use its own discussion thread

[doogstoos]

This is a question that's very close to my wallet at the moment.

I am about to complete on a house. Ive taken out a 10 year fix rate with halifax at 5.3%.

I could of course get a tracker at approx 3.5 that would shave approx £140 off my monthly payments, but my payments on the fixed rate are fine for me + I think that the UK is in store for some inflation in approx 2 years time. In an inflationary environment interest rates will have to rise, especially with the slow collapse of sterling that we are currently witnessing.

My thinking therefore is that it's best to lock in now, and take the extra hit of £140 a month with the expectation that long term the 10 year fix will work out better and once I come off my tracker (if I were to take it) in 2 years long term fixes will be significantly higher because of the scenario outlined above.

Plus of course I get peace of mind and dont have to worry about interest rates etc for the fix's duration i.e. 10 years.

[drifter410]

I have a part tracker, part capital & interest mortgage with Nationwide. Total remaining is £65262, with £42000 payable by the tracker. If I use the Calculator do I enter the total amount, or the Capital/interest part to find if I should ditch the present mortgage.

[Sarajamer]

I have a mortgage with Nationwide, so I used the calculator and happily went in to transfer to another deal recognising that I would have to pay the redemption. To be told that they have changed the rules and we are no longer allowed to switch. I am awaiting confirmation in a letter, but in the meantime am now looking to moving my bank account and my mortgage elsewhere. Anyone else experienced this?