We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Fixed or Tracker??
LookingForward_2
Posts: 11 Forumite
Hi,
My boyfriend and I have a 10% deposit over a £150,000 house. The best offer we've seen is an RBS 5 year fixed mortgage at 6.39% (5.2% APR) with no product fee, which gives us monthly repayments of around £900. We wouldn't have much spare cash on top of this initially, so thought that it would be best to be have the security of 5 years set payments but we're also thinking that within 5 years we will probably be wanting to start a family and so our financial situation would change (one part-time wage, etc).
We are now wondering if it would be better to go for a 2-3 year fixed deal (which would give us monthly repayments of around £750-800) and shop around after this point, taking into account any changes in financial situation? Or reading other threads, maybe the tracker would be better but then there's the always the risk of interest rates rising substantially.
Has anyone else been in a similar situation please and how did you juggle your mortgage/future decisions please?
Thanks for your help.....
My boyfriend and I have a 10% deposit over a £150,000 house. The best offer we've seen is an RBS 5 year fixed mortgage at 6.39% (5.2% APR) with no product fee, which gives us monthly repayments of around £900. We wouldn't have much spare cash on top of this initially, so thought that it would be best to be have the security of 5 years set payments but we're also thinking that within 5 years we will probably be wanting to start a family and so our financial situation would change (one part-time wage, etc).
We are now wondering if it would be better to go for a 2-3 year fixed deal (which would give us monthly repayments of around £750-800) and shop around after this point, taking into account any changes in financial situation? Or reading other threads, maybe the tracker would be better but then there's the always the risk of interest rates rising substantially.
Has anyone else been in a similar situation please and how did you juggle your mortgage/future decisions please?
Thanks for your help.....
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards