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Fixed Rate Mortgage and new interest rate cuts
TornSoldier
Posts: 72 Forumite
Hello All,
Appreciate if anyone can guide me on the step forward regarding any opportunity on our fixed rate mortgage? We have a 5 year fixed mortgage. Looking at the rates being cut, I am wondering if its worth ditching the fix and go to variable rate although I doubt if the banks would let us in the current turmoil.
Ideally, if rates for fixed terms can be reduced, it will really help with the savings else its a double whack - no relaxation on mortgage and savings account shrinking.
Cheers
TS
Appreciate if anyone can guide me on the step forward regarding any opportunity on our fixed rate mortgage? We have a 5 year fixed mortgage. Looking at the rates being cut, I am wondering if its worth ditching the fix and go to variable rate although I doubt if the banks would let us in the current turmoil.
Ideally, if rates for fixed terms can be reduced, it will really help with the savings else its a double whack - no relaxation on mortgage and savings account shrinking.
Cheers
TS
1
Comments
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What ERC would you have to pay to exit your current product?0
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3 years of ERC left.0
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Which is how much?TornSoldier said:3 years of ERC left.
And how much will you save each month on a new fix?
0
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