fix or stay as we are?

blueye

hay, im coming off a fix rate of 6% in march next year will be going down to 2.5% above base rate, i was just wondering if any intelligent people could tell me if i should run out and try and get a fixed rate or stay on the variable rate and if so how long do you think i have before i should be looking to fix

new_home_owner_3

It all depends on the equity you currently have in your property, what you can do, but i cant see you getting a fixed anywhere near 2.5% above the base rate.

The time to fix is when the rates start to go up and if you can guess that, your a better man than anyone i know on this forum.

dfh

Can you give us some more information about your LTV and outstanding amount.I think the answer to your question will depend on these factors.

new_home_owner_3

blueye wrote: »

hay, im coming off a fix rate of 6% in march next year will be going down to 2.5% above base rate, i was just wondering if any intelligent people could tell me if i should run out and try and get a fixed rate or stay on the variable rate and if so how long do you think i have before i should be looking to fix

Ive just read what you asked and it counts me outm because im not intelligent.

blueye

well we bought the place for 128450 in 2007 i thought it was about 10k over but we loved it and they wouldnt budge on price just done a valuation on zoopla or whatever it is and its come out at 122000 we got a 120k mortgage think 117 left to pay not sure though so not alot of equity lol

TrickyDicky

given those valuation and mortgage figures and quick valuation, you dont really have the 10% equity in your house you would need for a remortgage anyway. But given your 2.5% SVR, you're not going to find anything near that good a rate.

If you can, carry on paying what you paid previously on the fixed rate (overpay) and you'll increase your LTV so that when the SVR does creep up, you'll be in a much better position to remortgage.