Are you regretting that fixed rate?

esthomizzy

I've got a 5 year fix (3.8years to go) at 5.79. I had almost no sensible choice at the time as I am heavily mortgaged and fluctuations would be a real problem. If banks pass on the full drop at all then rates will start to look so cheap it might be worth paying the exit fee (I have done that in the past) but I doubt they will so I'm not too worried. It sure would be nice to pay that extra 200 quid off my balance each month though. Even with the charges it would save me 2 years of payments.

I'm pretty sure the banks wont be anything like as kindly though.

Bloke

Fixed a few years ago at 5.99% for wait for it.... 25 years! :eek:

I'm not too bothered, not nice paying over the odds but the reason for the fix was so I could be safe that if we both kept our jobs that we can afford the mortgage. Seems like my mentality is not the right one to have these days though, you're better off if you forget financially security and wait for the government to bail you out for your poor decisions.

stephenjwz

I wanted to get a long fixed rate, went to ask an expert w/ parents, then nationwide kept saying we couldn't reserve it till 'tomorrow' when we rang them for a few days consecutively. Missed the rate (was about 5.lots%), asked again couple of weeks later & reluctantly took tracker (similar rate but was anxious about how it might change). Next day, 1st rate drop, then this weeks one. Going to be paying less than I have been on previous deal, I guess preperation is no substitute for luck.

JoolzS

Never regret decisions made. It has taken me a lot of years to learn that, but I have and it makes life better.

I should have insisted that we moved house about 10 years ago and we'd now be in a three bed house rather than a small two bed flat but I didn't make that decision. However I like our small two bed flat, I like our neighbours, I like the fact that the lack of storage stops me buying "stuff", I like that it's very, very easy to park here, I like it that we are within a few minutes of the city centre, I like it that I'm on a good bus route for when I eventually go back to work, etc, etc.

I know this sounds a bit "tinkerbell"ish but I'm not a tinkerbell person. I have clinical depression and have had for the past seven or eight years (I've lost track). It's only in the past year or so that I've been able to see the positive in normal things. I have now refused to regret.

A fixed rate mortgage, if you can afford it, is nothing to regret. Think of it as rent on a property that you will eventually own outright, even though that is many years in the future. You wouldn't be regretting it if interest rates had risen, so why regret it when they've dropped. You have your home.

Julie

10past6

JoolzS wrote: »

Never regret decisions made. It has taken me a lot of years to learn that, but I have and it makes life better.

I should have insisted that we moved house about 10 years ago and we'd now be in a three bed house rather than a small two bed flat but I didn't make that decision. However I like our small two bed flat, I like our neighbours, I like the fact that the lack of storage stops me buying "stuff", I like that it's very, very easy to park here, I like it that we are within a few minutes of the city centre, I like it that I'm on a good bus route for when I eventually go back to work, etc, etc.

I know this sounds a bit "tinkerbell"ish but I'm not a tinkerbell person. I have clinical depression and have had for the past seven or eight years (I've lost track). It's only in the past year or so that I've been able to see the positive in normal things. I have now refused to regret.

A fixed rate mortgage, if you can afford it, is nothing to regret. Think of it as rent on a property that you will eventually own outright, even though that is many years in the future. You wouldn't be regretting it if interest rates had risen, so why regret it when they've dropped. You have your home.

Julie

Your post is a carbon copy of what I was going to say