Advice on mortgage rates please! : )

Kerry8680

Hi there, I'm just looking for some advice if anyone can help?! I took out a mortgage a few days ago but still within the cooling off period. It is a 2 year tracker, but unsure whether to switch to fixed after getting the feeling the rates may increase soon? We originally chose tracker as it worked out £20 cheaper a month. But if the interest rates are likely to rise I'm thinking fixed rate may be a better option? Any advice would be greatly appreciated!

Thanks x

[Deleted User]

It depends on your attitude to risk and how flexible your budget is. We can't decide for you.

gingerdad

and depends on the offers -we've fixed this time as very little difference in rate to fix as against a tracker - last time i worked out rates would need to raise by 3% quickly to get close to making a fix viable.

But i've also noticed since we fixed two weeks ago - the fees have doubled and the rate gone up by 1.2% so our bank already planning for a rate rise

Neutrinno

Well you have just gone for a tracker because it's the cheapest option but now worried about rates rising. If you have these concerns then maybe a fixed option would of been more suitable, especially given how low certain fixed rates are currently.

Maybe discuss this further with a mortgage adviser who can give you a better idea? We can't advise you on what products may be suitable for you here.