Fixed rate morgage

moonrakermagpie

Hi there,

We have just been approved a skipton morgage, it is a 6.4% fixed rate interest only. They did not do a variable or tracker:(

When we applied, we opted for a 10 fixed option (there was either 3,5,or ten.

Was this a good choice, and if not should we decrease to 3 years if we still can.

Many thanks

Moon'

Dan_1976

Only time will tell, it sounds high now but in a few years it could turn out well. You will get a load of people up next telling you to track or to go 2-3 years fixed.

The rate sounds high but I am guessing you dont have many options, you have to go with what suits you. If your on a budget and cant afford for it to go up then you can sleep at night for 10 years!

Robert_Sterling_3

The main thing about fixed rates is that they are fixed.
Whether you will profit from that or not only time will tell.
My guess for what it is worth, nothing maybe, is that we are heading for INFLATION soon. At present your rate is on the high side.