Abbey customer - fixed rate ends soon - advice required please

ospreyschick

Hi, I have got a joint mortgage with Abbey, coming to an end in July. Phoned them (25 mins wait) and was offered various rates. We owe about 114000 on mortgage with a LTV of approx 60%. Would you advise waiting to see what is going to happen with interest rates or would you jump in now. Also what do you think about tying in for 5 or 10 years. I would be grateful for any advice, I need to be able to sleep soon !!!

damianmkv_2

I know what you mean about sleep - thats why I'm trying to sort mine out ( 5 yr fix ) at the moment. If rates go down then oh well but if they go up, I'll kick myself if I haven't fixed...

There seems to be a bit of speculation about fixed rates not coming down in the press

System

Rates can't come down much further, save yourself the worry and sort it out now, then forget about it for another 5 years, bliss!

dimbo61

Abbey are offering different deals to existing customers depending on the LTV,history with abbey,income etc.
Check what other lenders are offering
A&l 3.95% 5 years fix LTV60% fee £999
HSBC 3.99% 5 years fix LTV60% fee£999
Are you planning to stay in your home for at least the next 5 years ?
If the new 5 year deal that abbey are offering will reduce your mortgage payment could you reduce the mortgage term by 1/2/3 years to keep the mortgage payment the same and therefore pay more off your mortgage in the next 5 years and have a smaller debt in 5 years.
Check what overpayments are allowed and overpay if you can.
I like long term fixes either 5 or 10 years the decision is down to you and rates are very low now. check what deals abbey can offer you GOOD LUCK

ospreyschick

thanks for the advice guys, will go for the 5 yr fixed with A&L.

N5TEW_2

The A&L deal is 'Purchase only!'