Is it time for a fixed rate?

dib-dab

We are currently on a variable rate mortgage with Halifax and it is at 3.5% which is great, however with recent news I am concerned that interest rates may start to rise so am wondering whether we should get onto a fixed rate whilst they are as low as they are going to get.

However I did have a similar panic in January and by sticking with the variable instead of going onto a fixed rate we have saved ourselves £2k since then!

I have spoken to one mortgage advisor who said that he doesn't think that in the next 2 years the rates will rise enough to justify going onto a fixed rate - but that is just one opinion, does anyone else follow things closely enough or work in the mortgage sector and can either agree or disagree?

Obviously anything could happen so I am not looking for a yes or no, just opinions and hearing what others are doing would be good.

Thanks!

Radionotme

It's obviously a bit of a gamble either way (although you could argue that a fixed rate isn't gambling) - however a lot would depend on what your mortgage amount and LTV are, and also if your halifax rate is tied to the BoE rate at all.
If there's another credit crunch, then rates are likely to go up irrespective of the BoE rate, unless the rate is tied to it, e.g. Nationwide's BMR is limited to 2% above BoE and so is currently 2.49%. Their SVR, applied to all recent mortgages is higher, and has no such tie.

liubeliu

Yorkshire and Co-op are doing 5 year fixed deals which are better than your current Variable rate

dimbo61

If you have a very good LTV well below 75% and excellent credit score ( history) then YBS have a few deals!
One is a 5 year fix at 3.39% Fee £995 and another is a 2 year tracker then a 3 year fix but both deals go onto the SVR of 4.99%!!!!
think carefully before jumping ship off 3.5%

wantabetterlife

Hope you dont mind me asking but what fixed rates have the halifax offered you?