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How long should we fix for?
thetigerwhocametotea
Posts: 23 Forumite
We're borrowing another £30k on our mortgage and have been offered the following fixed rates
3.99% for 2 years
4.49% for 3 years
4.99% for 5 years
The rest of our mortgage (£220,000) is on a BofE tracker plus .99% so 1.49% at the mo.
I know the payments on the £30k won't vary much as it's a small amount - I'm more concerned about the base rate rising massively and needing to shift lenders before 5 years because of the effect it will have on the first part of our mortgage. Is the base rate likely to be up at say 5% in 5 years time do you think?
We have about 60% LTV so I'm hoping that we'd be able to get a better deal than most 5 years down the line?
3.99% for 2 years
4.49% for 3 years
4.99% for 5 years
The rest of our mortgage (£220,000) is on a BofE tracker plus .99% so 1.49% at the mo.
I know the payments on the £30k won't vary much as it's a small amount - I'm more concerned about the base rate rising massively and needing to shift lenders before 5 years because of the effect it will have on the first part of our mortgage. Is the base rate likely to be up at say 5% in 5 years time do you think?
We have about 60% LTV so I'm hoping that we'd be able to get a better deal than most 5 years down the line?
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