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Fixed rate finished - some advice please!
stew1975
Posts: 13 Forumite
Hello everyone,
Me and my wife are after a little advice please. Our current fixed rate has finished and we have dropped onto the SVR. This means we are paying £250 a month less at the moment. Our original payments were £950 and we have dropped to £700. If we re-mortgage now we will be paying around £800. The dilemma is what is best to do right now? Should we stay on the SVR? (pro's and con's please) or should we re-mortgage. Either way we are saving money but I would like to know what's best in the current climate.
Thanks for any help, Stewart :j
Me and my wife are after a little advice please. Our current fixed rate has finished and we have dropped onto the SVR. This means we are paying £250 a month less at the moment. Our original payments were £950 and we have dropped to £700. If we re-mortgage now we will be paying around £800. The dilemma is what is best to do right now? Should we stay on the SVR? (pro's and con's please) or should we re-mortgage. Either way we are saving money but I would like to know what's best in the current climate.
Thanks for any help, Stewart :j
0
Comments
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overpay the £250 like mad every month....if rates rise you can then secure a fix if you feel you need to
it's a question asked daily, no one has a crystal ball, it will depend on your attitude to risk and your overall finances/affordability/income etc0 -
WHat is the actual SVR rate?
What is your LTV?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
At 65% LTV you will have a lot of options open to you.
If you are happy on variables rates, stick to the SVR you are on.
If you want the safety of a fixed rate, there are good deals out there - slightly higher than your current SVR (for shorter term fixes), but which will not increase should rates go up.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hello Stewart,
We know you are on the SVR with your current lender at 2.5% which is a very good rate at the moment and you are saving £250 a month compared to your old fix but thats all we know!
Sitting down with a " whole of market mortgage broker" might be a good idea as he/she can ask you lots of questions about you life!!! Kids, income, savings, job security, investments.DEBTS!!!
If you want the security of a long term fix repayment or offset tracker interest only mortgage.
Do you want to be Mortgage Free asap or are you drowning in a sea of debts ? We dont know!
Are you now saving the £250 a month into cash ISA,s or clearing other debts!0
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