Fix or not to fix

W_L

Hi,

My deal with the Halifax has just come to an end. I was on a repayment mortgage with 111k outstanding.

As our circumstance have changed, i d like to go on interest only for the next 3-5 yrs. With the goal to reduce my monthly repayments. I have a savings vehicle in place to satisfy the lenders.

The thing im confused about is whether to go on a fix, if so how long or a variable or stay on the Halifax standard variable rate, currentky 3.5%.

I dont want to be in a situation where the products in the future are a lot higher than now.

Thanks for any help

wl

Mrs_Bumble

To fix or to go variable is a personal circumstance thing.

Why do you need to go interest only for the next 3-5 years, does this imply that expenditure needs to be monitored?

If you go onto a variable can your household budget stand the interest rate rises, could you afford for the payments to go up?

Or do you need to fix because you need the stability of knowing what your monthly mortgage payments are going to be?

W_L

Hi Mrs Bumble,

I think id like to know what i m paying each month, so a fix would suit me better.

Going on interest only, to reduce my monthly payment, as we ve just had a baby and wife might not be going back to work in the short term.

What im trying to avoid is the fixed rate products going higher in the future.