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End of fixed term question
dantyler21
Posts: 2 Newbie
Hi,
I'm not an expert on these matters so would appreciate some advice. My fixed rate is due to expire early August and i thought it then reverted to my lenders SVR, i have since found out that it tracks 0.99 above base rate. my lender has offered another fix for 3 years at 3.99%. i know the future base rates are known but under current circumstances is there any reason to take the fixed option.
Cheers
Dan
I'm not an expert on these matters so would appreciate some advice. My fixed rate is due to expire early August and i thought it then reverted to my lenders SVR, i have since found out that it tracks 0.99 above base rate. my lender has offered another fix for 3 years at 3.99%. i know the future base rates are known but under current circumstances is there any reason to take the fixed option.
Cheers
Dan
0
Comments
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What you should consider is your own personal circumstances. Think back as to why you chose a fixed rate initially. The BOE + 0.99% rate is tempting if you could manage to pay the mortgage when the BOE rate is 6% or more. If you use the time when the rate is low to build up a cushion of savings or overpayments then, perhaps you can endure the BOE rates when they are high.
Whilst on BOE + 0.99% I expect you will be given more tempting offers by your existing lender.
J_B.0
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