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Mortgage advice
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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
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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
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