Fixed mortgage due to end. Need advice!!!

izzywizzy76

Hi all
I am currently on a fixed rate with Abbey 5.09, it is due to finish in Feb. Have contacted L & C and they have found me fixed rate C & G mortgage for 5.09 for 5 years. I thought this was ok, however Abbey are reducing SVR to 4.94 in Jan. Don't know whether to fix or go onto svr and see if rates lower further. Just worried that I won't find another rate as good, and have had house valued so as mortgage is 75% ltv. Am afraid with house prices dropping house will not be worth as much and will have to look at higher rates. Any advice appreciated. By the way this is my first time posting.

Kez100

Need to look at the difference fixed versus variable offers you, perhaps, as they are different animals.

What is your income/s like. Might they fall in present economic circumstances? What sort of increases do you estimate you can afford?

In other words - do you need stability of a fixed. Variable is all well and good but you are exposed to both increase and, of course the bit people never forget, decreases. As you say you are also close to the margin of 75% LTV and that might scupper some fixed products now - or in the future, until prices/products recover.

Difficult one.

Hopefully a mortgage adviser will be along soon to give their take on it and what is happening out there in the markets.

Squish_21

I'd go for the SVR for now and keep a close eye on the financail situation so you can fix if need be in the future. Thats my plan anyway when my fix rate ends in March.

It will be £70 cheaper on the SVR for me!