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Best fixed rate mortgage?
DemiDee
Posts: 529 Forumite
Next month our five year fixed rate mortgage comes up for renewal. I don't have time to check on all the deals out there, so thought I'd turn to MSE for some advice. You've never let me down yet!
We owe £52,000 on a property currently worth around £125,000 and would prefer a fixed rate without extortionate fees. At the moment, we're on 4.99% and I know we can do better than that, but how much better?
Any help or advice most appreciated!
We owe £52,000 on a property currently worth around £125,000 and would prefer a fixed rate without extortionate fees. At the moment, we're on 4.99% and I know we can do better than that, but how much better?
Any help or advice most appreciated!
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Comments
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It took me less than 5 minutes on moneysupermarket.com to find HSBC at 3.95% & £599 fees for a 5 yr deal.
Can you really not afford any time to prepare for a major financial decision?loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Top answer redpete !
What does your mortgage revert to at the end of the fix ? Not a tracker deal is it ?
What can your current lender offer you ?
First direct and YBS have some good deals but you should maybe take some professional advice!0 -
Have just been in to see HSBC and had some good news. Our mortgage reverts to 1.5% variable...much lower than the 4.99% we've been on! Thank you, Dimbo, for reminding me to check what the mortgage actually reverts to. I'd assumed it would automatically go onto a higher rate, but since I'm female, and blonde, and have never been good with figures, please have mercy!0
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If you revert to a tracker then you will be ok as of today. Keep in mind rates are likely to rise meaning your payments would do in line with this. It may still be worth your while having a look to see what fixed rates are available if you prefer the security of knowing your payments.
You are correct, assuming good credit rating and enough income there are much better fixed rates around than your present deal.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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Stick with the tracker if its 1.5% but ask your lender to keep your mortgage payment static or even overpay a little!
You wont notice any change in your mortgage payment but you will be overpaying each month and reducing your debts every month.
When rates DO GO UP you will still be overpaying until the BOE base rate reaches 4%0
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