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2Yr Fixed 5.78% or 0.24% tracker.
ashcarrot
Posts: 650 Forumite
I've just bought a stunning house for £249,950 (160k of debt on a 49k income) in a great location. I know i will prob loose money on it (I just hope prices dont drop 40%+ else i'll be in negative equity but i suppose thats the riskyou take when prices are so high) but I had to get on with my life as I felt I was wasting it and you only live one. Anyway....
So I was all set for the tracker (0.24% above base) but when I phoned the nationwide i was told that they were lowering the fixed rate (£999 fee) to 5.78 this thursday (when my appointment actually is). I hate debt and will be over paying like a good little MSE'r. so it works out that if it goes to 6% for the majority of the period the fixed was better. What do people think the rate is gonna do? I did think it would go up until CPI hit 1.9% this month
EDIT P.s. I suppose i should have put this in mortgages (though its more a qn about interest rates) arrghhh having a bad day.
So I was all set for the tracker (0.24% above base) but when I phoned the nationwide i was told that they were lowering the fixed rate (£999 fee) to 5.78 this thursday (when my appointment actually is). I hate debt and will be over paying like a good little MSE'r. so it works out that if it goes to 6% for the majority of the period the fixed was better. What do people think the rate is gonna do? I did think it would go up until CPI hit 1.9% this month
EDIT P.s. I suppose i should have put this in mortgages (though its more a qn about interest rates) arrghhh having a bad day.
Money, Money, Money ..... Banks/Casinos/Bookies give me all you money its a poor mans world....
0
Comments
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Do you have a reason not to want a longer fix?
I don't understand why people in the UK don't use long fixes. Surely the downside of a variable rate (losing your home if rates exceed x%) is a lot worse than the upside (paying a little less on the mortgage).0 -
I suppose your right i'll check out the 5y or 10yr fixed.Money, Money, Money ..... Banks/Casinos/Bookies give me all you money its a poor mans world....0
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Do you have a reason not to want a longer fix?
I don't understand why people in the UK don't use long fixes. Surely the downside of a variable rate (losing your home if rates exceed x%) is a lot worse than the upside (paying a little less on the mortgage).
i think its called flexibility0
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