Are you regretting that fixed rate?

tiff

Fixed at 4.89% for 15 years in 2005. Glad we did for peace of mind.

linni

YIPPEE!!! I am on a tracker, pay a set amount each month, overpay as much as possible and am due to pay it off in the next year or so.. Boring! dont care..

hethmar

Well, if people on fixed rates feel a bit choked now, think how much worse you would feel if the interest rate shot up to 15% overnight, like it did in the last recession. At least you can sleep easy and not worry about the possible daily changes.

Bean_Counter

sometimesaver wrote: »

Hi. We took out a 5 year fixed rate at 6.2% a couple of months ago. I'm not a financial expert obviously but I was convinced rates were going to go up! Doh! I should say that our mortgage is not huge so at least that's small comfort. And we know what we're paying for the next 5 years, but it's still galling to think that we're wasting cash on interest when it could be coming off the capital. Anyone else in the same boat?

I'm in the position as you. As others have said, at the time it seemed a sensible thing to do when rates seemed as likely to go up as there were to go down. Like others I liked the certainty of what my repayments would be.

I'll be keeping an eye on how the rates go, and if necessary weigh up any savings on remortgaging against the penalties I'd be charged for early redemption.

Jonbvn

You do what is right for you at the time. There really is no point going thru' life playing the "what-if" game.

In perspective, who could have foreseen this latest cut to the lowest rate in 50+years? Furthermore, rates will not be at this level for ever.

tinkerbell84

we fixed at 5.49% for 10 years at the start of October (offset mortgage)

we wanted the security of knowing what our payments would be for the next 10 years. as most of the banks aren't passing on the rate cuts, and not all trackers track the base rate anyway, we aren't feeling too bad about it.

it's seeing how much the amounts we've offset is helping us to overpay that's really motivating to us!

phizzimum

we re-mortgaged a few years ago. If it had been down to me I would have gone for a fixed rate deal. But DH wanted a tracker and that's what we did.

So obviously at the moment I am pleased...but in the past I have regretted not fixing the rate. So I think it's swings and roundabouts. The fact that we are all on this forum and are a bit more aware of our finances will make more difference in the long run.

hethmar

The actual mortgage rates wont drop down to the BOE whatever deal you are on. Personally Id be on tenter hooks all the time now if I had a tracker but thats just me

clarew

We fixed 2years ago at 5.18%, and have 3 more years to go. I am pleased we did....we have benefitted from when the svr were more than this previously and i feel secure in knowing my payments will not increase-particulary whilst on unpaid maternity leave! Who knows what will be happening in 2-3years time!

FairyElephant_2

We fixed at 5.19% 3.5 years ago, and have another 1.5 to go at that rate.

I've always tried to get fixed-rate mortgages 'cos I like to budget well ahead and know exactly what I'm paying - DH was happy to go along with this when we got together.

Technically we have 9.5 years to go on this mortgage, but if we carry on overpaying as we are then we'll have it clear in 4.5 years, but as we're building up savings in ISA's & reg. savers, we will probably pay a chunk off when we get to the end of the fixed rate (if no disasters have meant we need to use the savings) and have a small mortgage for another 3 years if there's any reasonable deals about at the time.

I've been really pleased with our mortgage (with NR!) it's very flexible and easy to understand, overpayments are unlimited and easy to get back if we need to, or take payment holidays. No regrets about fixed rate at all!