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High fixed rate for 10 years - what to do?
Comments
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Sarcy sod! lol. While this is an option, I think the OP needs to give us more information before making such a significant financial decision!Pay the ERC and get on a 2 year tracker asap
1) How much is your current debt?
2) What, realistically, is your current property value?
3) What is your EXACT rate? 5.xx% could mean anything between 5.00% and 5.99%.
4) What are the EXACT penalties for getting out of the deal, and how much do these change by over time.
5) How would you feel if, at any point over the next 9 and a half years, your mortgage rate went above 6%? Could you afford to pay this?
6) Who is your lender.
7) Do you have a clean credit history.0 -
Wow, what a mixed bag of responses - some helpful, some not so (minimike2).
Well, I do actually feel better for the rant and thanks for the support from those grown up enough to offer it. Thanks MSE0
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