First time buyer fix or tracker?

aussiescall

I'm wondering whether to fix for 5yrs or get a tracker for 2. There's a £60 per month saving with the tracker but I'm thinking rates can't really come down anymore. Plus I can't afford to pay more than I am with the fixed. I maybe answering my own question but any advice would be gratefully received.

dimbo61

Fixed fixed and fixed if you get my meaning
Long term security and overpay each month on top will make one big hole in your debt over the next 5 years.
Rates have never been this low!!!
GOOD LUCK IN YOUR NEW HOME

dimbo61

You are planning on staying in the property for at least the next 5 years ?

Ditto

Out of interest what is the rate you are quoted for your fix, ltv, deposit etc

I am a ftb and I am leaning towards a 5yr fix at 4.99%

dimbo61

Hi Ditto!
Thats a good deal with security for the long term !!

mbailey

Ditto wrote: »

Out of interest what is the rate you are quoted for your fix, ltv, deposit etc

I am a ftb and I am leaning towards a 5yr fix at 4.99%

What LTV, I am guessing you have a very big deposit?

Radiantsoul

It depends on how much you are borrowing. But it is clearly worth factoring in a sensitiviy analyse(ie how much more you will pay if interest rates go up to 3%, 5% or 7%). Then decide if you are comfortable with paying the £60 per month to avoid those scenarios.