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Advice on switching mortgage deals
getmeouttahere
Posts: 195 Forumite
Hi all,
Our fixed term is coming to an end with Halifax (currently at 2.69%) and we are looking at switching to a new fixed term so that we will be 100% certain as to what our monthly payments will be.
The problem is, since getting our mortgage, our credit reports have taken a battering and following advice from Step Change, we had to take the decision to stop paying non-priority creditors and begun making token payments as we were paying creditors and not having enough money for food, etc. This obviously resulted in loads of defaults on both of our credit files.
With the above taken into account, we are pretty much stuck with Halifax. I've been advised that if sticking with Halifax, we won't have to have a credit check done, but obviously would fail miserably in any attempt to move elsewhere.
Anyway, Halifax have two deals available at the moment. One at 2.54% for 2 years, and one at 3.44% for 4 years.
Can anyone advise whether the 2 year deal or 4 year deal is better? I know it's an impossible question but what are the rates likely to do over the next 2 years?
Our fixed term is coming to an end with Halifax (currently at 2.69%) and we are looking at switching to a new fixed term so that we will be 100% certain as to what our monthly payments will be.
The problem is, since getting our mortgage, our credit reports have taken a battering and following advice from Step Change, we had to take the decision to stop paying non-priority creditors and begun making token payments as we were paying creditors and not having enough money for food, etc. This obviously resulted in loads of defaults on both of our credit files.
With the above taken into account, we are pretty much stuck with Halifax. I've been advised that if sticking with Halifax, we won't have to have a credit check done, but obviously would fail miserably in any attempt to move elsewhere.
Anyway, Halifax have two deals available at the moment. One at 2.54% for 2 years, and one at 3.44% for 4 years.
Can anyone advise whether the 2 year deal or 4 year deal is better? I know it's an impossible question but what are the rates likely to do over the next 2 years?
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