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MSE News: Five-year fixed mortgages at all-time low
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"Some brokers believe borrowers should snap up cheap fixes soon to guarantee low rates, but opinion is divided ..."
"Some brokers believe borrowers should snap up cheap fixes soon to guarantee low rates, but opinion is divided ..."
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Comments
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If I needed a new mortgage/remortgage I'd definately be considering fixing now. What feels like only a few years ago I was elated to get a 5 year fix at 5.24% and the econmy was alot stronger then. With the base rate sure to go up at some point and all these recent Govt. cut backs I can see a time when lots of people will have rising costs and diminishing income.
My opinion? Definately time to play it safe!0 -
We took up a 5 year fixed mortgage in June.
It's not the greatest rate in the world, and if we'd stayed on our previous agreement, we'd be paying less per month. However, that was on a variable rate and there's always the chance that rates will either rise via BoE or direct via the lender.
We didn't want to find ourselves suddenly seeing monthly or bi-monthly rises. It was a risk when taking the decision, especially as most forecasters are saying the base rate will stay at 0.5 for the foreseeable future.
When we first bought our house were were on a tracker, and it was a nightmare when the rate would drop or rise monthly, never knowing what money was spare.
At least we know that each month for the next 4 1/2 years our payments won't change.0 -
I am one of the very lucky ones with base + .17% so so far so good. I don't want to fix yet, am tempted to wait to see what happens to rates in 6 months and IF I still have a job! Even if BoE rate starts to increase next year - I feel its likely to take some time before it gets to the 5% mark so not sure there is any point me fixing right now....0
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