Best to get a fixed rate for low amount remaining

riverboat2001

Property worth appx 350k
Amount outstanding 48k
Currently on HSBC SVR of (i think) 0.5%

We are about to take out a new mortgage on another property (fixed for two years)

And i'm wondering whether (on original mortgage) we should arrange a fix for two years, or whether to "let it ride" and gamble on interest rates not rising.

Only has to be for two years, or even just one year....can anyone offer any thoughts? And any really good one/two years fixes?

Cheers

Mk14:37

I'm sorry to break it to you, but HSBC's current Variable Rate is 3.97%. You definitely should switch, but take time to review your options.

For example, HSBC offer 2.99% fixed for two years, or 2.29% tracker. Personally, I think I'd take the gamble on the tracker over two years, and overpay as much as possible. Don't forget to run comparisons on the various websites, using Quidco or Topcashback etc. for a little back-hander

riverboat2001

It's late and i can't get all the info, but i have just checked the last letter from HSBC (sept 09) and it says that i'm on 1.5%
It's the same rate on my mortgage taken out 13 years ago and never done anything with it. And 1.5% on the equity release loan i took out in 2002 to do up the house.

The New mortgage will not be used to pay off the existing mortgage, and mortgage provider has been informed of this and are okay with that.

As far as porting goes, i don't really understand it....sorry