should i stay with SVR?

easyryder1978

first of all i would liketo say hi as i am new to this forum
my fixed rate mortgage is coming to the end in a months time and i am wondering if i should go on to the Standard variable rate.
i am currently with first active and i am on a two year fixed rate at 5.85%.
it says in the statement i have recieved that i will go on to the svr that is currently 1.6%.
would it be worth sticking with this for a couple of months to save a few quid? I am in two minds of what to do and could really use a little advice.
the thought of saving a couple of hundred quid over the next couple of months is tempting as i have had to pay out for alot lately. any advice would be appreciated. Thanks

SimbaSimon

easyryder1978 wrote: »

first of all i would liketo say hi as i am new to this forum
my fixed rate mortgage is coming to the end in a months time and i am wondering if i should go on to the Standard variable rate.
i am currently with first active and i am on a two year fixed rate at 5.85%.
it says in the statement i have recieved that i will go on to the svr that is currently 1.6%.
would it be worth sticking with this for a couple of months to save a few quid? I am in two minds of what to do and could really use a little advice.
the thought of saving a couple of hundred quid over the next couple of months is tempting as i have had to pay out for alot lately. any advice would be appreciated. Thanks

Have a read of this... Is it time to fix your mortgage?

The general consensus is if you don't need certainty on your mortgage payments, stick with the SVR. 1.6% is extremely low and you won't get anywhere near that with a new deal. If you do take the SVR feel free to overpay your mortgage and save £££'s or save some money for when rates do go up (and they will at some point!).