fixed term mortgage coming to an end - move to variable rate ?

daveshipway

Hi there,

I'm after a bit of advice about my mortgage. Apologies if this topic has been covered previously, but I had a look back through the threads and couldn't see anything similar posted recently.

We are currently on a 5 year fixed rate mortgage (at 5.69%) with the Derbyshire which is coming to an end in April 2010. We have had a letter through from the Derbyshire telling us that we will then automatically move onto their variable rate, which is currently at 3%-ish.Our plan was always to find another 5 year fixed rate mortgage when this one came to an end, but I am now wondering if it might be better just to stay on the Derbyshire variable rate for the time-being, and then maybe only commit to another fixed rate if interest rates look like they are going to creep back up.

We really need to give the Derbyshire a call to fully check out our options, but obviously they will push us towards signing up with them again, and I would be interested to know what people's opinions are.

Regards,

Dave, Oxford

Peelerfart

In my opinion, stay on the Derbyshire variable rate for the time-being,then overpay or save whichever is the better option for you.

Making sure you keep your eyes and ears open ,ready to move, when you think it's the right time, back to the fix you feel comfy with .