Fixed rate mortgage almost up

fioney25

Hello,

I bought my first house in May 2015. I have a 2 year fixed rate with Nationwide that will end in May2017. So far very happy with fixed rate as Im paying the same amount each month so great to budget.

When will I need to start looking for new deals?! And with the recent 'brexit' would you recommend to stay on a fixed rate or would it be better to look at variable rate??

I am young and new to this so any advice is welcomed

Thanks,

Fiona

xyz123

No one can advise re what will happen with brexit and what to do. U need to make ur own decision considering your risk appetite, ability to pay increased payment should interest rate rise, flexibility with overpayments, any plans to move etc..

Re remortgage in may 17, start looking at options 3 months before end date. This is to make sure the product you want are still available in may 17. Good luck.

familyguy321

fioney25 wrote: »

Hello,

I bought my first house in May 2015. I have a 2 year fixed rate with Nationwide that will end in May2017. So far very happy with fixed rate as Im paying the same amount each month so great to budget.

When will I need to start looking for new deals?! And with the recent 'brexit' would you recommend to stay on a fixed rate or would it be better to look at variable rate??

I am young and new to this so any advice is welcomed

Thanks,

Fiona

Hi,

I am in similar position with my fixed rate up in Jan. Started looking last month and have decided to go for another 2 year fix. I intend to overpay each month.

As xyz123 said, it's entirely up to you and what level of risk you can handle. I like the security of a fix and don't mind paying the slight premium for it.

Hope this helps.

FG

exiled_red

I am currently on a fixed deal which ends in a year and while I like the idea of having a fixed monthly payment I would like more flexibility with overpayments and we are probably going to be looking to move in the next 3 years or so, so as a result I think I would consider looking for something that suits our position a little better when the time comes to remortgage. I would advice you to do the same, is this the home you see yourself living in long term? are you likely to want to repay faster? how would you cope if interest rates went up? These are all things that you need to consider and will help you make a decision more that what you think the market will do over the next few years.