Mortgage Woes

Eric_Pisch

My mortgage fixed rate is due up in the next couple of months (Halifax).

But oh what to do, I have looked at the advice page here but there's so much info its making my head spin :money::mad:.

Now there's alot of speculation as to the rate dropping alot for the next few months, so a tracker seams to be in order, but I always have the nagging worry what if the rate shoots up to 8%+ or more. Fixed rates do give you peace of mind.

Martin mentioned a tracker mortgage that you could fix on last weeks show but I couldnt find any info on this.

Should I change now or just sit tight for 6 months and hope to get a 5yr fixed rate @4%?

Txs

UK007BullDog

sit tight a while longer. rates might drop, but lenders might not pass drop on.

in the end your decision, whatever makes it more affordable.

herbiesjp

Even if rates do go down, there is no guarantee that lenders will follow suit on deals.

An example of this reluctance to lend, is that fact that following the last rate cut, a lot of lenders have withdrawn tracker products and either not replaced them or brought out newer deals with higher tracking margins

However you can indeed get tracker rates with some lenders that allow you to switch to a fixed rate if you want to, without incurring an Early Repayment Charge, but having to pay the arrangement fee for the new fixed rate.

So it might be worthwhile getting one of these trackers now, before the margin gets increased, knowing that you have the ability to fix should you want to.

Mr_Friendly

Sent you a PM!

feisty1

I have looked at the advice page quote
u dont rcv advice here........it is opinion

Martin mentioned a tracker mortgage that you could fix on last weeks show but I couldnt find any info on this.quote
Martin is a journalist not an advisor

Eric_Pisch

feisty1 wrote: »

I have looked at the advice page quote
u dont rcv advice here........it is opinion

Martin mentioned a tracker mortgage that you could fix on last weeks show but I couldnt find any info on this.quote
Martin is a journalist not an advisor

so why does he name company's and products, I was only after the name of the company he mentioned.

I know this is only opinion but the opinion of a knowledgeable person is worth vastly more than my opinion since i know nothing, I am not after being told get xxx, I was just asking for basic "opinion" on the situation.

I was not aware that tracker rates had changed for instance.

So to those who have posted or PMd me with helpfull "opinion" thank you

Toughluck

tracker mortgages are benefittin fropm the base reate reductions. Only borrowers currently on a tracker deal are doing well. A& Leicester withdrew all their trackers yesterday. Nationwide increased their 85% deals on trackers to over 7%. Get out of this myth that they are cheap etc and of benefit to you. Of course if you are adveturous then go for it but you really do need to do your homework or get some poor sod you does it for a living to do it for you.

payless

Eric_Pisch wrote: »

so why does he name company's and products, I was only after the name of the company he mentioned.

Again highlights an issue - whatever is put ion disclaimers - people seem to believe this site / ML is giving advice/ recommendations

.

So to those who have posted or PMd me with helpfull "opinion" thank you

Don't trust any advisers who PM you - its against the rules

dimbo61

Right Eric lets get this right
You are on a fixed rate deal with the Halifax Yes
You have 6 months to go on this deal Yes
It would cost you alot of money to leave a good fixed rate deal early !
so sit tight and in 3 months time see what is on the market.
Start with the Halifax and see what deals they have for existing customers
If you want find a whole of market broker ( ask friends/family) so see what he/she can find for you.
Do your homework ie how much can you afford each month
Do you want a tracker/fixed and length of time
how long are you going to stay in this property.
Income, age, and lots of other things to take into account so sitting down with a broker to gather all the facts might be a good idea.
Deals are changing all the time and no one can guess the market in 3 months time. GOOD LUCK

Eric_Pisch

payless wrote: »

Again highlights an issue - whatever is put ion disclaimers - people seem to believe this site / ML is giving advice/ recommendations

.


Don't trust any advisers who PM you - its against the rules

Id like to make sure everyone understands, I am not after "this product is best, buy that"

Im after general opinion on the things I discussed so that I have at least a basic understanding on them. There's some very good stuff here on trackers that I did not know, so ty to those.

I was merely after the product martin recommended because try as I might I can find nothing on any site on trackers that turn into fixed rates, and I wanted to read about the basics on them.

Txs

herbiesjp

The trackers do not automatically turn into fixed rates.

Some lenders allow you the option to swith from a tracker that you are on, onto a fixed rate.

You would only do this, if rates were starting to go upwards and you were starting to get close to your budget limit each month