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Fixed rate or Standard Variable?

Mrs.T.B
Mrs.T.B Posts: 7 Forumite
in Mortgages & endowments
Transfering our Mortgage product but cant decide whether to take a Fixed rate of 5.19% or just go on the Standard Variable rate of 3.5% and opt for a Fixed rate when rates start rising?!

Comments

  • f1-fan_2
    f1-fan_2 Posts: 26 Forumite
    Have you thought about a tracker? They seem to have better rates than SVR from what I've seen.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 17 June 2010 at 5:22AM
    Mrs.T.B wrote: »
    Transfering our Mortgage product but cant decide whether to take a Fixed rate of 5.19% or just go on the Standard Variable rate of 3.5% and opt for a Fixed rate when rates start rising?!
    How much do you owe?

    How much is the house worth?

    How long do you want to fix for?

    Could you change lender?

    Why are you only limited to one fixed rate?

    Who is the lender?

    Loads more information needed prior to suggesting a sensible route to take!
  • Mrs.T.B
    Mrs.T.B Posts: 7 Forumite
    Due to various factors we have to stay with Halifax and 5.19% over 2 years was the best offer, they wont offer us a tracker option as they have valued our property at a low figure meaning our LTV is considered too high. Our options are to take the 5.19% or go to the SVR and wait!
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Mrs.T.B wrote: »
    Due to various factors we have to stay with Halifax and 5.19% over 2 years was the best offer, they wont offer us a tracker option as they have valued our property at a low figure meaning our LTV is considered too high. Our options are to take the 5.19% or go to the SVR and wait!
    In that case I'd move on to SVR and overpay to get your debt down.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    opinions4u wrote: »
    In that case I'd move on to SVR and overpay to get your debt down.

    This will also improve your LTV in the longer term. Making better rates available.
This discussion has been closed.
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