We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Should we change
rats
Posts: 9 Forumite
I have a fixed rate mortgage at 4.59% until may 08. I'm worried about the interest rate rising and wonder if I should hold onto this until next year or see whats available now? I've been offered 2 years at 5.25% Any thoughts welcome.
0
Comments
-
What are your early repayment charges?
Exit fees costs etc. if you change lender.
The offer is from the same lender?0 -
It would seem strange to pay a penalty, only to go on to a higher interest rate?
Unless you were looking at a longer term fixed rate, I can't see how you would be better off.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 -
Thanks for your replies. The penalty is £2000. I wasnt sure of this until today(these things arnt easy to read.) I was considering changing because the original advisor said we should change it every coup[le of years and we are on our 4th year.
The offer is from a different lender. I was thinking that if the interest rates continue to rise, by next may there may not be a decent longer term fixed rate.
I remember when the interest rates went up to double figures.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards