Mortgage Advice

Lou*_2

Hello Everyone,
I'm in a confused state over my mortgage so am hoping for some advice,
I was on a 3 year fixed rate with the Halifax but that has just ended and although I'm quite pleased because the repayment has gone down about £100 per month I'm worried about it going back up. We're wanting to move in the next year so I don't really want another fixed rate that I'll be tied into. I don't understand much about interest rates so I don't know how quickly they will go up? Is it best to fix for a couple of years and pay the redemption fee or risk the interest rates going up and us struggling with the repayments.
Any advice appreciated :mad:
Lou

unite79

If you make sure the new product is Portable, you can move this to the new house when you move - subject to meeting the lenders criteria when you move.

opinions4u

Lou* wrote: »

Hello Everyone,
I'm in a confused state over my mortgage so am hoping for some advice,
I was on a 3 year fixed rate with the Halifax but that has just ended and although I'm quite pleased because the repayment has gone down about £100 per month I'm worried about it going back up. We're wanting to move in the next year so I don't really want another fixed rate that I'll be tied into. I don't understand much about interest rates so I don't know how quickly they will go up? Is it best to fix for a couple of years and pay the redemption fee or risk the interest rates going up and us struggling with the repayments.
Any advice appreciated :mad:
Lou

All Halifax mortgage products are portable, as long as you sell your existing house and complete on the new one at the same time. If you choose to move your mortgage elsewhere, make sure the product you take then is also portable.

That said, a portable mortgage is not a guarantee of lending on the next property - you will have to be accepted again at the time of moving.

I personally wouldn't fix now because I don't think rates are likely to rise significantly in the next 18 months. But if the risks of not fixing make you uncomfortable, then do what's best for you! Perhaps a longer term fix is more appropriate for you,.