Stay on fixed rate or svr with lender??

NICOLARICHARDS

Hi My mort ends end Aprl and i am looking around to see what to do for the best.
I have £98,000 mort over 24 years.
Currently on fixed rate. Not sure whether to stay with fixed rate or stay on the svr of 4.24
My husband wont have full set of accounts until mid April, so have decided to stay with current lender Santander rather than mess around with getting accs after April.

We have always bee on fixed rates in the past but the quotes seem to show svr is cheaper than fixed.
Not sure whethe to leave on svr then fixed after we have full set of accs. But not sure whether rates will have gone up alot by then

Any advice would be appreciated. Im really confused with it all.
thanks
Nicola

Thrugelmir

When does your existing fixed rate mortgage expire?

Is this your husbands first year of trading?

NICOLARICHARDS

HI existing deal ends April and yes this is his 1st year as sole trader was in a partnership for same type of business for about 12 years before that.
thanjs

Thrugelmir

NICOLARICHARDS wrote: »

HI existing deal ends April and yes this is his 1st year as sole trader was in a partnership for same type of business for about 12 years before that.
thanjs

In terms of remortgaging to another lender there isn't sufficent trading history.

Though your existing lender will allow to opt for an an alternative product.

SVR's are normally cheaper than fixed rates. Thats the price of protecting yourselves against a rate increase.

A personal choice as to what you opt for. Though my advice is to always overpay whatever type of mortgage you have. As over a period of time you build a cushion against an unforeseen event.