Should I exit my mortgage early and pay a penalty?

kwmlondon

getmore4less wrote: »

You are panicking and worrying now 18months before your current fixed deal finishes, a lot of good that one did.
It was a gamble as will the next one in some way even more so than trackers because come renewal time you could be stuck on the high SVR if you can't remortgage, the fee structure may have changed making renewals more expensive......

One thing is for sure you will have to try and change your deal, at least with a tracker you can just wait for a better tracker, that why there are people clinging onto base+2% BMR and plenty of us on rates base+<1%

That's fine, I'm very glad it's worked out well for you but I can't do that any more than I could place a bet. I do not gamble and I would rather pay well over the going rate to have fixed outgoings than worry about interest rates going up. If I could fix it for the duration of the whole mortgage I'd do it and breathe a huge sigh of relief. You will only change that by smashing my head in with a hammer - that's the way I'm made.

getmore4less

Why have you not been getting 10 year fixes?

seem to be plenty around

http://www.money.co.uk/mortgages/10-year-fixed-rate-mortgages.htm

kidmugsy

kwmlondon wrote: »

Can you be totally positive that interest rates will still be 0.5% in January 2015? Or do you think they'll probably, maybe have gone up? Possibly? What's the chance?

Take a shufti.

http://blog.redington.co.uk/Articles/Dermot-Dorgan/May-2014/WAITING-FOR-RATES-TO-RISE.aspx

kwmlondon

Well, what with the fall in inflation that seems to have have put the kibosh on any interest rate rise for the next few months so I'll stand down on panic mode.