Self Cert Accord Fixed Due To End

Fleeting_Glimpse

Hi

My Accord 2 Year fixed of 5.33% is due to end in January. This was a self cert repayment.

The House is worth about £160K and the outstanding loan is 87K.

I am self employed and last years accounts show a profit of 17K ( the year before was 10K)

My Wife earns 6K

We get tax credits for two kids.

I have just been to a local advisor, expecting to be told I'm stuck with Accord and one of there fixed rates maybe at 5.4%.

The advisor said that they would be able to get a lifetime tracker at about 3% for that amount to save the arrangement fee's every couple of Years.

Is this good advise?

herbiesjp

Can you afford the tracker if rates go up?
How long are you tied into the tracker for?

What about a lower fixed rate?

Fleeting_Glimpse

I'm of the thinking that 'live for today and worry about tomorrow when I need too' person. So it wouldn't be a problem unless something drastic happens.

I don't know how long tied in for..only had an quick chat...they gonna get back to me tomorrow.

Maybe you are right though..fixed rate may be better...a five year one?

Dunno...hate sorting this stuff

herbiesjp

It sounds like the adviser you have seen has not asked you these questions

So I'm a little unsure how they can make a recommendation of a tracker, if they do not know what your feelings are on the matter

That is not your fault, as they should ask you automatically

Have you committed to anything i.e. paying the any fees?