Reluctant to leave my 1.5% variable rate

DemiDee

Hi all

I've seen all the recent news reports of fixed rates being withdrawn. I'm inclined to keep hold of the brilliant rate I've got for as long as possible, but don't really want to end up stuck on a very high rate, even though my mortgage is relatively small, at £52k. Any advice from others would be most appreciated. I guess none of us can tell what the market will do, but after seeing Martin's comments in the media, it made me worry a little.

Also, I wondered when is the best time to make overpayments - when interest rates are low, as they are now? (I was never any good at maths!).

alexlyne

overpay whenever you can afford it!
The easiest time is when your rate falls... you keep paying in what you were before and hey presto your mortage starts going down!

opinions4u

Stick with it.

Overpay now (or build up a fund in a savings account paying a rate higher than the mortgage rate).

quietheart

DemiDee wrote: »

Hi all

I've seen all the recent news reports of fixed rates being withdrawn. I'm inclined to keep hold of the brilliant rate I've got for as long as possible, but don't really want to end up stuck on a very high rate, even though my mortgage is relatively small, at £52k. Any advice from others would be most appreciated. I guess none of us can tell what the market will do, but after seeing Martin's comments in the media, it made me worry a little.

Also, I wondered when is the best time to make overpayments - when interest rates are low, as they are now? (I was never any good at maths!).

I was just about to post a very similar message, I want to fix but my husband thinks we should hold onto this great rate. Have you got long left on your mortgage? We've got 14 years but I think i'd reduce it to 10 if we fix.
Cheers