Offer on house accepted but will fixed rate drop??

emymoney

We have had an offer accepted on a house and need to mortgage through Halifax (Halifax have kindly agreed to lend on basis of our perfect credit score as we are recently self employed so cannot prove our income - if any other lenders mortgage on this basis, please let me know!)

In light of the March 2009 base rate cut, should we put off signing incase they are about to cut the fixed rate, or should we just go for it? As we have had our offer accepted, the clock is ticking!

AntiLochus

Hi emymoney

We're in the same boat - offered accepted on new place, our house sold, etc, etc.

Personally whilst I do expect fixed rates to drop further over the next couple of months (albeit very slowly) I don't expect them to come crashing down. You may be able to wait and get another .25% or .5% off current rates as mortgage providers become more competitive but if you need to move you need to move.

Remember Halifax do not HAVE to drop mortgage rates it just depends how badly they need new mortgage business.........

stolt

same situation op, had our offer accepted on the 22nd feb and originally was going for mansfield, then noticed that chelsea bs had a good 5 yr fixed at 4.29%. And got the offer from chelsea in the post. Noticed that abbey have dropped there 5 yr fixed to 3.95% and waiting for them to offer me a mortgage in principle. This really is my last change i'm going to stick with abbeys rate now. I do believe the 5 yr fixes will drop probably 3.25% but time will not allow me to wait any longer so i've just got to go for it.
All in all at the start of the year i was happy with the 4.59% with mansfield!!!