Should I stay variable? Is it too late to move to fixed rate?

katweed

I'm on a variable rate mortgage and not long remortgaged with IngDirect. I'm quite happy with them, but wondering if I just sit out the rates rise or if I will really save money by moving to fixed rate. Any good thoughts?

sarkin

what is your rate at the momment?

Jeannine

ING Direct is 5.64% (5.8%APR).

*EssEncE*

The BBR is widely expected to increase by a further quarter of a percentage within the next few months. Some experts are predicting a further quarter percentage increase before the end of 2007. Therefore a rate of 6% come new year.

ING Direct will increase their SVR in line with the BBR - so securing on a fixed rate now, could potentially save you money.

However, it is all down to your personal circumstances.

Remember, fixing = tie in.

mystic_trev

With swap rates continuing to climb many lenders seem to be pulling the plug on many Fixed rate deals.

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=462035&in_page_id=1770&ito=newsnow

Fixed-rate deals under 6 per cent are still readily found, but if swap rates continue to rise at their current pace it won't be long before we see the demise of sub-6 per cent mortgages, unless you are prepared to pay a massive upfront fee.

https://www.swaprates.co.uk

JoeK_3

Go capped at 5.79% for five years

JoeK

ukdickie31

I got 5 yr fix @ 6.29.%

No fees, no early redemption. fully flexible. Can overpay what I like. (I overpay £800 a month - should be mortgage free in 2.8 years )

My balance is relatively low (£33500) so the fees free made more sense than the interest rate. Other lower interest rates had fees or overpayment penalties.

Coventry BS was my lender.