What would you do?

10yearfix

What would you do?

House valued at £210,000. Mortgage outstanding £52,000. Term 12 years.

We’ve been with C&G since we took out the mortgage, due to the rates falling and their cap on the SVR we’ve been on a rate of base plus 2%, so 2.50%. for ages.

I can afford to overpay by a small amount, £50:00 per month, and have done for over a decade. Even with the overpayment my mortgage is sill cheaper than when I took it out in 2003.

At present I don’t want to move, downsize, but you never know what I may want to do in the next five years when my daughter will be well in to University (Hopefully) and there’s only the two of us at home.

From what I have heard on the news rates aren’t going anywhere in the near future, possibly until next year now. But who knows!

So, I’m asking, what would you do? Fix for 2, 5, or 10 years, Do nothing, or, Go through the rigmarole of applying for a new mortgage?


Just thought I'd ask for peoples opinions, thank you in advance.

Thrugelmir

Continue to overpay by as much as you able. 2% above base is a competitive rate to be fixed on.

10yearfix

Thanks for the opinion Thrugelmir.

amnblog

You are already overpaying over 1% a year so it sounds like you can afford a modest increase in rates.

hcb42

See what products are available to existing customers remortgaging. Often the easiest way to shift rate, lowest cost, and for that small mortgage, keep overpaying while rates are low

getmore4less

if on a tracker what's the rate without the cap how much can base rates go up before yours does..