We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tracker
Adriangreen
Posts: 3 Newbie
Hi,
I am on a base rate tracker which is at the moment 0.25,
With the mortgage and the base rate tracker its 1.49,
I was thinking of changing it to a 7 year fixed rate,
At the moment we are paying £440.00 each month and if we was to fix it for 7 years this will jump up to £495.00 each month,
ANY ADVICE IS WELCOME
regards
Adrian
I am on a base rate tracker which is at the moment 0.25,
With the mortgage and the base rate tracker its 1.49,
I was thinking of changing it to a 7 year fixed rate,
At the moment we are paying £440.00 each month and if we was to fix it for 7 years this will jump up to £495.00 each month,
ANY ADVICE IS WELCOME
regards
Adrian
0
Comments
-
Without knowing your reasoning...?
Why seven years?
Why give up the tracker?
What do you want to achieve?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The only reason for 7 years is that I mite be able to say some money,
I've heard that the base rate is gong up soon?
I'm not clued up on what to do for the best,
Any advice would be great0 -
If you can afford to. Might as well overpay your existing mortgage by the differential of £55 a month.0
-
Adriangreen wrote: »I've heard that the base rate is gong up soon?
Where from?
If, as I suspect, you are a Barclays client, the base rate would have to go above 1.40% before you could even break even, let alone make a saving.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Base rate going up, people have been saying that for nearly 10 years.
One day they might be right.
I got it wrong thinking they would stay the same for longer, blow me they went down.0 -
Don't do it.
Two reasons.
1, it's £55 a month more.
2. 7 years Is a long time to be tied in, a lot of stuff can happen, plenty of anguished posters with very high ERCs.
And 3 rates would likely need to raise high and fast for you not to be able to recover by getting say a 2 year fix now and then changing to a 5 year in 2 years time. Though you haven't posted the rates of the 7 year fix just the cost.0 -
Many thanks for your advice,
I've decided to stick with the tracker ��0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards