Is it time to fix your mortgage?

chucky

jenner wrote: »

i agree with that, but is about what suits. im reading this green with envy as usual.

i don't think that you're in a bad position at all - unfortunetly you cannopt plan these things and it's very difficult to pick and choose when you buy in conjunction with the best time to get a mortgage.

it's usually the case that when house prices are at their lowest in the cycle the more difficult and expensive it is to get a mortgage.

when house prices are rising/highest, it's the easiest and cheapest time to get a mortgage.

Exocet

IveSeenTheLight wrote: »

I wonder if locality is the issue.
If it is, maybe they should blame their parent for where they were born instead of when they were born

It's easier to move than to time travel.

Pete111

Already fixed until Jan 2013 on 3.89% with First Direct and am happy with that

Liking the offsetting facility a lot - far more useful to us than savings rates currently.

Oh and chances of rates hitting 15% in the near term are ...um...slim?

IveSeenTheLight

Thrugelmir wrote: »

That's why the products carry hefty ERC's to discourage early exit.

I've never been afraid of early repayment charges.
The reason being is that in my experience, the penalty charge is recovered in a few months (within 4 months by my calculations)

Cleaver

Strange this thread has cropped up as we've just applied for the Co-Op 4.5% (I think) five year fixed. It allows 10% overpayments each year which we would take advantage of and we're taking out for a few years fewer than our current mortgage.

As usual, I have no confidence in my ability to predict interest rates but I just think that people should expect the unexpected over the next five years or so. If interest rates don't rise much over the next five years, then so be it. Strange really, because when we became homeowners in 2003 our mortgage was a five year fix of 4.6%, we're currently on about 3.5% (SVR) so taking this product may mean we may hardly change rate for a period of 12 years. All this turmoil and massive range of interest rates and our monthly payment never really changes much.