Do I fix, ride it out on variable, or offset??

Gorgeous_George

sthomas150 wrote: »

Option 1 –Fix

If base rates rise a couple of percent this could prove to be a good choice.

sthomas150 wrote: »

Option 2 – Variable

If base rates don't rise a couple of percent, this is a good choice.

sthomas150 wrote: »

Yes, rates will be increasing come August-ish time

Maybe they will, maybe they won't. I think that they won't.

sthomas150 wrote: »

Option 3 – Offset

A stupid choice.



GG

dorset_nurse

If I was in your shoes I would keep the deals you have, they are better than mine and I can't get rates like that now!

sthomas150_2

Hello all
just though I'd given a quick update now both of my rates have changed.
The consensus was to stick with the variable rates I had so that is what I've done:
Mortgage 1 4.99% > 1.45% £415.42>£282.90 [£132.90 saved]
Mortgage 2 3.99%> 1.99% £198.02> £159.07 [£38.95 saved]

I'm still overpaying as I was but now I'm using the additional £171.85 to overpay more. if the mortgage calculators are correct I'll be mortgage free in 10 years, rather than 25.

I realise the rates will eventually rise but I hope I can continue to keep overpaying the difference and somewhere it'll even out to around 15 years

I'll no doubt post another reply in X amount of months time when BoR base bate is high and I'm panicking about what to do next. I will of course look forward to all your replys and advice.

Many thanks to all those who offered their help

S