We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Mortgage advice
Options
Simonls
Posts: 1 Newbie
Hi, we are currently looking at a new fixed rate offer from our current lender...2yr 1.49% or 5 yr 1.89%
I am also looking at borrowing an extra 15k for home improvements although I could get this on a 5 yr loan at 2.8%
A) What is the recommendation ? Do we think the rates will go up after Covid-19 ?
Is it best to borrow the extra on the mortgage or go for the 5 year loan, the payments are very similar either way.
Thanks
I am also looking at borrowing an extra 15k for home improvements although I could get this on a 5 yr loan at 2.8%
A) What is the recommendation ? Do we think the rates will go up after Covid-19 ?
Is it best to borrow the extra on the mortgage or go for the 5 year loan, the payments are very similar either way.Thanks
1
Comments
-
Toss a coin. Though how much lower can interest rates fall with regards to mortgages. As lenders need to make a sufficient margin on the loan.
A longer term fix means that you can sleep easy for an extended period. Personal choice at the end of the day.
Are the products fee free?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards