For Everyone Thinking Of Redeeming A Fixed Rate Mortgage

blottedcopybook

feisty1 wrote: »

blottedcopybook vbmenu_register("postmenu_15684571", true); Read what the thread says instead of banging on about a fixed rate.........go and work out how much it would cost you to come out of yr deal.......it may not make financial sense!

YES I read that above, my word you're really not a very pleasant person to newbies are you?

feisty1

I (hopefully) am trying to stop you having a knee jerk reaction which could result in it costing a lot of money.........however if you want to be a "rate chaser" go ahead..........lenders love people like you......... and as u r so rude i have no sympathy if it goes wrong

blottedcopybook

I wasn't being rude, I was quite taken aback with your response in bold directed to me. I'm not an idiot by any stretch of the imagination but I'm extremely daunted by all this financial stuff and I came on here looking to people like you for advice. I don't want to be a rate chaser - I want to make sure that over the next five years I'm not spending thousands of pounds more than I should be on my mortgage and the only thing I have to compare that to is that my FR before was only 4.25%.

markabuckley

why do you say that ?

I'm just about to sign up for the HSBC +0.99% lifetime one - saying thats not a good deal ?

koexelek wrote: »

Anyone hoping for a good new tracker has missed the boat.

I expect the new ones to be launched next week will either be about 2.5% to 3% above the B of E rate, or will track the LIBOR rate instead.

wacker293

Hi All

Im on a fixed 5.29% until april 2010 with ERC until march 2011, the problem ive got is i want a bigger property, does this mean i have to wait until 2011 until i can get a new mortgage/int rate or can i get a new mortgage for more money and pay of original one with the !!!!!!£3500 ERC!!!!!!!! is there any other way round this?? by the way im with the Northern Rock.

feisty1

do not calculate yr affordability solely on the low base rate......u must be aware these rates will go up, this post was really aimed at people in fixed rate mortgages who are thinking it is the way forward to redeem & go for a tracker without thinking about the consequences.........if someone has taken advice and a fixed has been recommended they should stick with that decision as it means they're looking for financial stability......so if u can afford increases it's ok and yr not joining in the hysteria to redeem an existing mortgage with penalties

feisty1

wacker293 my post was for markabuckley vbmenu_register("postmenu_15693773", true);

markabuckley

thanks feisty - we've been on SVR for 4 years ! what muppets !

at least no redemption penalties, although finding the HSBC 799 charge hard to swallow and wipes out most of 1st year monthly savings on mortgage

feisty1 wrote: »

do not calculate yr affordability solely on the low base rate......u must be aware these rates will go up, this post was really aimed at people in fixed rate mortgages who are thinking it is the way forward to redeem & go for a tracker without thinking about the consequences.........if someone has taken advice and a fixed has been recommended they should stick with that decision as it means they're looking for financial stability......so if u can afford increases it's ok and yr not joining in the hysteria to redeem an existing mortgage with penalties

feisty1

Im on a fixed 5.29% until april 2010 with ERC until march 2011 Quote

wacker293........r u sure yr tied in for 12 months after yr fixed is up??? is this because you took HWC's (help with cost 1k)?

minimike2

Good topic......I too have been sat here shaking my head at the number of these threads of people on fixed rates going on about coming out and going onto trackers.

I am on a tracker, ends in June....I sure as hell will be goign for a 5-7 year fixed rate when its up........base rate was already at a below average level...it WILL go back up and I for one see it at 6% within 5 years. Maybe not short term, but it will go back up again.

People need to look past today and plan for the future....presumeably why they took fixed rates in the first place.