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Fixed or Tracker - may emigrate in next few years!
johnnyboyz
Posts: 86 Forumite
Our current mortgage deal ends at the end of July so we need to re-mortgage but are not sure what type of mortgage to go for.
We plan to have a second child in the next 12 months and there's a possibility that we may then return to Ireland where we originally come from. If we did we're not sure if we'd sell or rent our property before buying in Ireland. So there's lots of ifs and buts and maybes ...
Because of this I don't want to get tied down to, say, a fixed rate mortgage of more than a year as the early redemption clause would be penal.
I would however like a fixed rate or capped as it seems that rates will go to 6% or more in the next 6 - 9 months.
The best 1 yr fixed I've found is with Chorley BS at 4.99 ,fees 500 + valuation. Borowing 182k over 18 years, property worth 450k.
Works out at about 1360 pcm (including fees spread over 12 months).
The best tracker I found is the woolwich lifetime tracker at base rate+.18 , no fees , works out at 1347 pcm (1372 when rates go to 5.75%).
Any advice appreciated , I have spoken to a broker but he hasn't found anything so far that I haven't found on the internet.
We plan to have a second child in the next 12 months and there's a possibility that we may then return to Ireland where we originally come from. If we did we're not sure if we'd sell or rent our property before buying in Ireland. So there's lots of ifs and buts and maybes ...
Because of this I don't want to get tied down to, say, a fixed rate mortgage of more than a year as the early redemption clause would be penal.
I would however like a fixed rate or capped as it seems that rates will go to 6% or more in the next 6 - 9 months.
The best 1 yr fixed I've found is with Chorley BS at 4.99 ,fees 500 + valuation. Borowing 182k over 18 years, property worth 450k.
Works out at about 1360 pcm (including fees spread over 12 months).
The best tracker I found is the woolwich lifetime tracker at base rate+.18 , no fees , works out at 1347 pcm (1372 when rates go to 5.75%).
Any advice appreciated , I have spoken to a broker but he hasn't found anything so far that I haven't found on the internet.
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