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Fix now or wait ?
martin9033
Posts: 1 Newbie
I am coming off a fixed rate repayment morgage with the nationwide and have the opportunity to refix but on a significantly higher rate do I go for it now or wait till after the elections any advice would appreciated. 
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Comments
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The election is unlikely to do anything but cause uncertainty in the market if either party wins. You should be able to secure a rate of around 5% at the moment, dependent upon your situation, however whether you want to fix this is a different matter.Scott0
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Interestingly - some lenders are now bringing down their fixed rates. Nationwide did it last week, and others are in the process of doing this week.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
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I guess the higher Fixed rate (5.09% perhaps?) is still lower than the SVR that you will be paying. For the SVR to come down to the fixed rate would take several interest rate drops of .25%.
Sure you could wait and see if the fixed rates drop a bit but then you will still be paying more in the mean time on the SVR.
It boils down to whether you are happy to wait and see or whether you would like to know what your payments are every month for the next 2,3,5, 10 or 15 years!0 -
herbiesjp wrote:Interestingly - some lenders are now bringing down their fixed rates. Nationwide did it last week, and others are in the process of doing this week.
The long term expectation is a drop in interest rates. Albeit with the potential of a small increase before that happens.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
dunstonh wrote:The long term expectation is a drop in interest rates. Albeit with the potential of a small increase before that happens.
Dunstonh
AgreedI 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
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