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Mortgage Do I resign or stick where I am
Paxton
Posts: 12 Forumite
Hi my mortgage tie in ended some 3 years ago and I have been lucky that my rate is 0.75% above the Bank Of England rate. I only have 3 years left of my mortgage and have been told I should apply for a new fixed rate. Why?
My current rate of 1.25% is the lowest I have ever paid and the rate hasnt gone up in quite some time. I know anything could happen but should I do some research - seen posts that mortgage rates will go up?
My current rate of 1.25% is the lowest I have ever paid and the rate hasnt gone up in quite some time. I know anything could happen but should I do some research - seen posts that mortgage rates will go up?
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Comments
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if I were you I would just overpay like mad - as long as your mortgage lets you - and complete it early while the rate is still so lowI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Only an idiot would recommend you re-mortgage. Just follow MallyGirl's advice and you can't go wrong.0
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Interest rates are set to stay this low for the next few years according to the BoE. They need to withdraw and unwind the schemas that they have been doing before pushing the interest rates up. funding for lending, Help to buy, QE, etc.
Over pay as much as you can.
how high will interest rates need to be before you start to struggle.0 -
Stick as you are.. no benefit to you to move products at this time.0
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Thanks everyone thought the same but had to check.0
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Just to add......you would be absolutely bonkers to overpay that mortgage....in fact you should get back as much as you can of any overpayments you have made and stick in an isa.......why on earth give the bank money at 1.25%?0
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Who told you to go for a fixed rate?, even if rates go to 2% + tomorrow (unlikely) you will still be better off on your low tracker, as mortgage confused says, I would also avoid over paying, any spare funds must surely earn more even in a cash ISA, whilst still providing flexibility should you need them.I am a mortgage adviser.You 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
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if I were you I would just overpay like mad.
Sorry but this is totally wrong. Why overpay, when you can get a much better return from various savings and investments?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
agree BOE at hinted we have 2 years 0.5% unless things change drastically before then yesterday0
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