Fixed or SVR

Bikerchicken

My mortgage is due to come off a fixed rate in August.. and as we are all aware none of us can see into the future regarding rates etc.
But..... I just wondered what alot of you are doing....I'm just after different opinions as to who has gone for what and why.... I suppose really I just want to see what the majority are going for.....security or gamble
Look forward to your postings

madeupname1

Bikerchicken wrote: »

My mortgage is due to come off a fixed rate in August.. and as we are all aware none of us can see into the future regarding rates etc.
But..... I just wondered what alot of you are doing....I'm just after different opinions as to who has gone for what and why.... I suppose really I just want to see what the majority are going for.....security or gamble
Look forward to your postings

I went on an SVR and made overpayments (its been about 7 months). The new fixed rate would have cost approximately £500 per month more than going to the SVR. I thought that price was too much to pay for certainty for a couple of years and I took the view that IR were not about to shoot up in that time. I am doing my best to OP as much as possible so that I can get down to a better LTV and therefore qualify for a better mortgage rate.

bully1234

I am on the Nationwide SVR 2.5% for 1 year now, saved £1500 which is sitting nicely in my ISA just in case interest rates do go up. Our mortgage is £70k and the property is worth £160k so I'm staying put. Just keep watching the market and the rates.

gbcasual

If you are really worried about increasing rates then by all means fix your rate now.

Alternatively, you could always go with a tracker mortgage and place the difference between the 2 rates into the highest interest rate savings account you can find. That way if interest rates do go up you have some savings to use to cover the difference. Just be disciplined about putting the money in there and not touching it!