Conumdrum

Korner

Hi

Due to not having a permanent job I'm considering moving my mortgage onto a fixed rate of 1.98% with my current lender for 5 or 7 years, however Im not sure if it is the right thing to do long term. I have 2 mortgages on my property both on lifetime trackers of 1.99% and 0.95% above base, if I go onto a fixed rate the rate at the end of the fixed period would be base +3.49%. I have 20 years left on the mortgage altho hoping to pay off in 15 years.

Would any short term gain be wiped out long term, is there a 'what if' calculation I can use to look at different scenarios?

Any guidance would be appreciated.

AnotherJoe

Maybe I'm missing something since AFAICS you'd be on a losing deal to start with since the new mortgage would be higher than you are currently on.

To be of use, any "what if" calculation would need to know what would happen to base rates and mortage rates over the next 15 years. Good luck with that !

In your position I'd stay as I was.

amnblog

These sound like Barclays rates, and if they are, you are too late for the 1.98% 7 years product,although the fee on the 5 year product has dropped to £499.

You should make sure you understand the switch to fix option offered by Barclays. Speak to a good broker.