Are you on SVR voluntarily?

sammyjammy

My tracker with Halifax ends in November and I'm seriously toying with the idea of staying on their SVR of 3.5%. My siutation is I've never really been a risk taker with my mortgage and commonly took fixed rates, two years ago I went for a tracker, must be pyschic as my rate is now 0.39% and I'm overpaying as much as possible. I have an LTV of around 60%.

Are you holding off on a fixed rate by choice and why?

yelf

My mortgage is split over a base rate tracker and the SVR - I am sitting happy and can not see me remortgaging to a fixed rate for at least 2 years.

THe increase in cost from going from SVR to a fixed just doesnt make sense - I will pay so much between now and when the SVR gets to the point of changing to a fixed that it doesnt add up.

koexelek

yelf wrote: »

THe increase in cost from going from SVR to a fixed just doesnt make sense - I will pay so much between now and when the SVR gets to the point of changing to a fixed that it doesnt add up.

This is especially true if you are with a lender such as C & G, or Nationwide, with a 2.5% SVR

sammyjammy

Thats the same reasons as for me, my mortgage is (next month) going to be below £60,000, although it would be annoying to get stuck on a higher rate than what is being offered now I can afford more than double what my minimum payment is now, in the meantime I can pay down as much as possible.

I personally don't think that the lenders will be able to keep the margins they have now when higher rates come back.

Squish_21

I am not a risk taker myself either however I am voluntarily on SVR at present (2.5%). However, I am hoping to move hopefully within the next year so dont want anything fixed.

I do worry about the rates rising in the future though but I belive it would be done gradually so I think the minute they started to rise i'd opt for a fixed rate for piece of mind.

sammyjammy

I've caved

I've arranged for Halifax 4.69% 3yr fix (fee and hastle free) to start when my tracker finishes in November.

I'm now of the opinion that fixes aren't going to get any cheaper and I if BOE rate rises to 1.25% or more then I'll be better off, its swings and roundabouts but now I've decided I can get on with overpaying as much as poss so after three years I'll hopefully have only about 30k left.

I'll have to start ignoring those MPC announcements each month.

Peelerfart

Sammy ,

I'm pleased and dissapointed in equal measure - a good deal for sure but how quickly have turned on this ?.


09:15 happy to take SVR
19:19 - I've caved

keep the faith guys - but seriously good luck

sammyjammy

Erm yes that and 50 days.......

~daisy~_2

Peelerfart wrote: »

Sammy ,

I'm pleased and dissapointed in equal measure - a good deal for sure but how quickly have turned on this ?.


09:15 happy to take SVR
19:19 - I've caved

keep the faith guys - but seriously good luck

was a difference of almost 2 months

we are at the end of a fixed rate and with just 15k approx left on our mortgage are happily going onto a SVR of 2.5%

sammyjammy

Fantastic daisy it'll be gone before you know it!

Peelerfart

I really must look at the original post date ! OOPS

and good luck



PF