HSBC Mortage - moving to a fixed rate - worth doing?

wozwebs

Hi there, we currently have a mortgage with the HSBC and 2 equity release loans and we currently pay £793 for all three per month. They are all on variable rates at the moment so would like to put it all onto one package fixed rate for 3 or 5 years so we know exactly what we are paying every month.

With the rates going up recently this has affected us a bit so I saw the HSBC's offer of 5.19% for 5 years fixed but when I called up I was told it would be for (quoting Nationwide) "New Customers Only" and the best they currently have, fee free is 5.5% for 3 years which looks good.

Now I know I really should shop around but seeing as we have over £116,000 left to pay off altogether and our house is worth £175,000+ then I thought other banks who don't know us would refuse to lend us that much.

I have been with HSBC for 15 years and they know me in the local branch so that why i've always stayed with them.

Should I shop around and if so is a 3 year fixed advisable in the current climate or should I wait to see if interest rates fall later this month first?

Thanks for any advice.

TEDDYRUKSPIN

Firstly it is 5.17% for five years and seems to be a good deal. The last time I talked to the mortgage arranger they said it is for offer for all!

The option is really upto you and how you feel. If you feel it is ok to stay, just stay and if you feel like shopping around, shop. Free country!