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should i fix now??????
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vanquish1980
Posts: 4 Newbie
my base rate tracker (interest only) has come to an end and im being transferred on to a svr of 3.5% (£330 pm). is switching to a fixed rate of 5.79% (£544 pm) for 5 yrs a good idea right now or not? any advice would be greatly appreciated, thx
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Comments
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As you are on an interest only mortgage what are your plans for repaying the capital balance you owe?0
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What have you done with all the money y'uve saved being on a low rate IO tracker?,because you could use it to make a huge dent in your mortgage balance and reduce your monthly payments.Space available for rent0
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Thrugelmir I am confident that the OP has used the good times to build up a large deposit, after all, everyone has a repayment vehicle in place. The rate seems high, but depends on your LTV, and your willingness to shop around to see what deals you can get.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
originalmiscellany wrote: »Thrugelmir I am confident that the OP has used the good times to build up a large deposit, after all, everyone has a repayment vehicle in place.
I never assume......;)0
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