?Do i move to a fixed rate now..

sprinter11

I have 4 more years to run on my mortgage and i have a balance outstanding of roughly £25,000,?is it worth fixing the mortgage now for the last 4 years.

Euphoria1z

sprinter11 wrote: »

is it worth fixing the mortgage now for the last 4 years.

yes, if you want security and peace of mind, otherwise just let it run and over pay like there's no tomorrow.

getmore4less

What rate is the current mortgage?
If changing or a retention deal will be same or better then probably worth a look if on a good rate the chances reduce it will actually save money .

£25k over 4 years rate, payment, total
0% £521 £25000
1% £532 £25514
2% £543 £26034
3% £554 £26561
4% £565 £27094
5% £576 £27635
6% £587 £28182

fees will be an issue to factor in.

sprinter11

I have been delving a little deeper into maybe fixing my mortgage for the remaining term which is 4 years,here are some figures...
My mortgage provider is the Halifax and this illustration is from them.

My initial rate is 3.84%,this is what I'm on now and it finishes at the end of the month,so there are no early repayment charges.

This will revert to Halifax Variable Rate thereafter which is currently 3.99%

They are basically saying that i can fix my mortgage for the next 4 years at an overall cost for comparison at 4.0% apr,with no product fee to pay.

My ltv is roughly 25%..
There is an early repayment charge to 31/10/18..

My mortgage amount currently stands at £24,693.

??Is this worth a punt or not,i know my repayments will rise a tad but surely the rates will start to rise well above 4% ?wont they..
Advice needed please.

Thrugelmir

If the variable rate is already 3.99%. Then it's a no brainer not to fix at 4% at no cost. As you can only lose out.

RavingMad

On the Halifax website it has a rate of 3.44% for a 4 year fixed, up to 60% LTV

Why are they only offering you 3.84%?