Re Mortgage

yogiebear

Tracker or fixed rate ? Which is better for current climate?bbr +2.25% for 2 years or 3.69% fixed for 2 years ?

Burridge60

Need far more detail for a worthwhile answer.

CloudCuckooLand

Fix for longer than 2 years, or track and be ready to jump...

Burridge60

CloudCuckooLand wrote: »

Fix for longer than 2 years, or track and be ready to jump...

If you really need to protect yourself against increases in future rates a longer term fixed is the better option.

Two years just puts you back here in 23 months asking the same question and trying to find a competitive rate that isn't charging you over £1000 just to renew the same mortgage.

Kerching! Bank tills ringing everywhere.

If you can absorb within your budget a "huge" rise in rates then start paying at that rate right now on a low variable rate if you can get it.

Your follow on rate if you don't move lenders might be that good it would be foolish to move away! Check this out first. Nationwide and C and G (but two examples) charge a variable of 2.50% on old mortgage accounts. Both charge more on new accounts!

Any online mortgage cost estimator will allow you to work out what your mortgage might cost at different rates. Find out what monthly payment you are happy with and overpay right now at that level. Make sure there are no extra charges if you do.

Please make sure you are on a repayment mortgage and not interest only without a realistic repayment option in place.