mortgage lenders that have a one year fixed

thegemsta

does anybody know what lenders have one year fixed rate mortgages so far i have only found that natiowide has a one year fixed can anybody please help

VIGILANT22

why would anybody want a 1yr fixed?

Dom3663

Vigilant, I also wondered why someone would want a 1 year fixed, but for someone like me (I've gone for a 2 year fix) its perfect...

At the moment I am the sole name on the mortgage. I get a wage that covers this mortgage, however if base rate was to go to just 1.5% in the next 2 years and then the +4.5% on top I would be pushing my payments to the limit.

However within the next 2 years; my Fiancee will be in full time employment (hopefully). So at the moment, and in the next couple of years it means I can afford my mortgage, but in 2 years time when we come to re-mortgage our ability to pay more will be higher, as there will be me and my fiancee on the mortgage and in a job...
If she gets a job sooner, then we just overpay what we can ...

Hope that makes sense

VIGILANT22

people need to think twice about 1/2 yrs deals regarding as for when they exit and how criteria may have changed...if they need to fix due to being cautious investors they should be looking at 5 yr deals

SimbaSimon

Dom3663 wrote: »

Vigilant, I also wondered why someone would want a 1 year fixed, but for someone like me (I've gone for a 2 year fix) its perfect...

At the moment I am the sole name on the mortgage. I get a wage that covers this mortgage, however if base rate was to go to just 1.5% in the next 2 years and then the +4.5% on top I would be pushing my payments to the limit.

However within the next 2 years; my Fiancee will be in full time employment (hopefully). So at the moment, and in the next couple of years it means I can afford my mortgage, but in 2 years time when we come to re-mortgage our ability to pay more will be higher, as there will be me and my fiancee on the mortgage and in a job...
If she gets a job sooner, then we just overpay what we can ...

Hope that makes sense

But rates aren't expected to rise that much that fast. You may as well just act like your paying the extra couple of percent now and instead save it into a savings account. If rates were to go up you than have a buffer which can be used to cover the percentage increase. You would also save the £500-1000 cost to remortgage which can be added to the savings.