Mortgage Numptee needs advice

mickbeer

Hi all,

Completely clueless seeks some help...................... my mortgage co has offered today to fix my mortgage for the term (21 years) at 4.96% - should I bite their hand-off?? I am currently paying 1.75% on a tracker so this would mean more than doubling payments but is the general feeling that this would balance out over the term?

Newbird

mickbeer Hi, and WELCOME to the forum ... we try to be a helpful lot around here, but hey...no one can see into the future, so no one can answer this for you!

You have to take a punt depending on how you see your finances for the remaining term of your mortgage.

Myself I wouldn't want to fix for a long term, but if you are a worrier about where interest rates are going and you want to keep the payment the same, rather than try to save as much in interest as you can by keeping on swapping to other mortgage products and paying the fees to do that - then maybe think about it.

Newbird

If you've not done so already...a good thing to do is to go through Martin's mortgage advice to help you decide whether you need or prefer a fixed rate.

Click 'Mortgages' at the top of the page... :money: