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Is it a good time to get a new Fixed Rate?
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fluffymovie
Posts: 1,417 Forumite
Hubby and I have a Santander mortgage which was £120k when we took it out in June 2001.
We came to the end of our fixed rate and moved onto the SVR @ 4.24% and our monthly payments reduced from £721 pcm to £660 which was a welcome surprise.
I was happy to leave it running on the SVR until we thought interest rates were going to rise but I just am so worried that they will go up and we will end up worse off.
We have today received our 2nd letter since June when our rate ended and this appears quite a good deal to me.
They are offering to fix our rate for 4 years @ 4.24% which would mean that we are happy for the next 4 years and protected should the rate increase.
There is no fee but it does say that there is a transfer fee but I don't know what that is?
Really just looking for anyone in a similar situation and if anyone could advise me where to look for SVR's for all banks? Not asking much then!!
We came to the end of our fixed rate and moved onto the SVR @ 4.24% and our monthly payments reduced from £721 pcm to £660 which was a welcome surprise.
I was happy to leave it running on the SVR until we thought interest rates were going to rise but I just am so worried that they will go up and we will end up worse off.
We have today received our 2nd letter since June when our rate ended and this appears quite a good deal to me.
They are offering to fix our rate for 4 years @ 4.24% which would mean that we are happy for the next 4 years and protected should the rate increase.
There is no fee but it does say that there is a transfer fee but I don't know what that is?
Really just looking for anyone in a similar situation and if anyone could advise me where to look for SVR's for all banks? Not asking much then!!
I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.
All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.
All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.
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fluffymovie wrote: »Hubby and I have a Santander mortgage which was £120k when we took it out in June 2001.
We came to the end of our fixed rate and moved onto the SVR @ 4.24% and our monthly payments reduced from £721 pcm to £660 which was a welcome surprise.
I was happy to leave it running on the SVR until we thought interest rates were going to rise but I just am so worried that they will go up and we will end up worse off.
We have today received our 2nd letter since June when our rate ended and this appears quite a good deal to me.
They are offering to fix our rate for 4 years @ 4.24% which would mean that we are happy for the next 4 years and protected should the rate increase.
There is no fee but it does say that there is a transfer fee but I don't know what that is?
Really just looking for anyone in a similar situation and if anyone could advise me where to look for SVR's for all banks? Not asking much then!!
What is your property value?
Some great fixed rates available at present for the right Loan to Value.
4 year fixed at 4.24% is a good rate though.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 -
5 year fixed rate with ybs - 3.99%0
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Thanks all. Our ltv is about 50/50 now as mortgage was 120k on a house valued at 220k when we bought 5 years ago!I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.
All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.0
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