Where next?

essex_arsenal

Please help just coming out of a Brittannia 3 yr fix onto SVR of 4.2%, owe £86000 against £300000 property and 22yrs left, was going to commit to FD 5 yr fix @3.89% as only one wage coming in but now not so sure. Paid the £99 just in case to hold the rate but now not sure what to do?
Any advice was be very much appreciated - Many Thanks in advance...

Thrugelmir

What's your reason for the uncertainty? As its not entirely clear.

essex_arsenal

Thanks for taking th time to reply, after reading other threads I wondered if I would be better off going for a Tracker eg HSBC 1.75% above base rate and trying to overpay while the rates are low- or have I misssed that particular boat?

Thrugelmir

That is still a viable option and one I consider worth pursuing.

Particularly if you wish to overpay your mortgage.

dimbo61

Are you allowed to overpay the 5 year fix with FD or could you get an Offset fix with them
Long term security with a deal of less than 4%

essex_arsenal

Thankyou for your thoughts, my only worry with the tracker is if the rates do go up quicker than anticipated then at what level will the fixed rates be then?
You can overpay unlimited amounts with the FD tracker, I do not have any fluid savings to speak off so I don't see the benefit of the offset option

Would there be any benefit in taking one of the cheaper 2yr fixes?

Burridge60

essex_arsenal wrote: »

Would there be any benefit in taking one of the cheaper 2yr fixes?

You will come back here in 22 or 23 months asking the same question.

If you need long term guarantee of payment = five year fix plus.

If you don't you are trying to bet against rates. Overpay your mortgage like it costs you 9% and be done with it. If you can afford that then do it right away.

dimbo61

That deal has now been pulled but its one hell of an offer and gives you 5 years security !
I would consider how much you have been paying each month while on the Brittannia fix and try ( if you can afford to!) to pay the same or even a little more each month.