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Thoughts on fixed rate mortgage
cbovis
Posts: 1 Newbie
I'm a first time buyer currently looking for a place to buy at the moment. I'm looking around the 120k mark, based on having 20k deposit and a 27k salary.
One mortgage offer I'm quite interested in is a 4 year fixed rate from Abbey. What seems to be the general opinion on where rates are going over the next few years? The mortgage would be fixed at 5.84% and would be taken out over a 35 year period with the aim of reducing that at a later stage (I'd like to keep my monthly payments down to start). This makes it a nice affordable £560 per month which I like the security of.
Also, would having it over 4 years mean that I can only reduce the time period once that 4 year period is up? I think ideally I'd look at reducing it down after a couple of years.
One mortgage offer I'm quite interested in is a 4 year fixed rate from Abbey. What seems to be the general opinion on where rates are going over the next few years? The mortgage would be fixed at 5.84% and would be taken out over a 35 year period with the aim of reducing that at a later stage (I'd like to keep my monthly payments down to start). This makes it a nice affordable £560 per month which I like the security of.
Also, would having it over 4 years mean that I can only reduce the time period once that 4 year period is up? I think ideally I'd look at reducing it down after a couple of years.
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