Fixed mortgage rates

caro100

My 2 year fixed rate ends at end of April. I was made redundant after 9 years on 20/02/20 - nothing to do with covid. Got small redundancy payment and waiting to claim 9 weeks notice of pay. Currently claiming jobseekers and have an insurance policy to pay mortgage for a year when it kicks in. My house worth £225000 approx and have outstanding balance of £45660 with 9 years 2 months still to pay. I’ve always paid £50over each month. Not sure if to take the new 3 or 5 year fixed rate Halifax is offering or could I get one of the cheaper rate offered from other building societies. I have never changed from Halifax since day 1. What do you think will happen to the mortgage rate in view of covid. Please advise thanks

[Deleted User]

Without a job you wouldnt get another lender to take you on anyway

Halifax dont offer great deals for lower value mortgage but it doesnt matter as you cant go anywhere at the moment.  Whats the difference in cost between 3 or 5 years? And how long do you want security for?
There is also a 2 year available as well btw. 

caro100

Deleted_User said:

Without a job you wouldnt get another lender to take you on anyway

Halifax dont offer great deals for lower value mortgage but it doesnt matter as you cant go anywhere at the moment.  Whats the difference in cost between 3 or 5 years? And how long do you want security for?
There is also a 2 year available as well btw. 

The 3 year is £479 and the 5 year is £489. I usually take the 2 year fixed rate.
I wasnt aware of a 2 year option this time - only got offered  a choice of the 2 online.
To go on the standard variable at the end of April, the monthly rate would be £487.
Was just wondering whether to fix now, or wait to see if there would be cheaper fixed rates offered in a few months or whether the rates are likely to increase. 

I haven’t a clue about the economy at best of times and especially not atm.
Thanks

Unicorn_cottage

The SVR is cheaper than the offers? What are the aprs and do they come with any product fees etc?

caro100

caro100

No product fees

Unicorn_cottage

Sadly without a job you won't be able to change lenders so you will have to go with the best deal offered. I know it is extremely difficult circumstances but do you think you will be able to get a job any time soon? Can you sustain mortgage payments after the policy finishes?

[Deleted User]

You sometimes get different deals for Halifax through brokers.  This is the 2 year

2year: 
2.94% 
end date 31/07/2022
£0 fee 
erc: 2% to 31/07/2021 1% to 31/07/2022

caro100

Deleted_User said:

You sometimes get different deals for Halifax through brokers.  This is the 2 year

2year: 
2.94% 
end date 31/07/2022
£0 fee 
erc: 2% to 31/07/2021 1% to 31/07/2022

Thanks, what does that rate make the monthly repayment? 

The firm I was made redundant from has another company that I could get employment with when this virus issue calms down and other businesses in this country and others start back up. It was a plastic recyclers that sold to Europe. It’s a difficult time but I’m going to try and do some studying to retrain while off. Maybe try something else while the opportunity presents.

[Deleted User]

caro100 said:

Deleted_User said:

You sometimes get different deals for Halifax through brokers.  This is the 2 year

2year: 
2.94% 
end date 31/07/2022
£0 fee 
erc: 2% to 31/07/2021 1% to 31/07/2022

Thanks, what does that rate make the monthly repayment? 

The firm I was made redundant from has another company that I could get employment with when this virus issue calms down and other businesses in this country and others start back up. It was a plastic recyclers that sold to Europe. It’s a difficult time but I’m going to try and do some studying to retrain while off. Maybe try something else while the opportunity presents.

£474 ish with 9rs 2 months left

Best of luck with your retraining.  When i was made redundant from the bank i worked in I used the time to study and get some exams done,  also dont forget to relax for a bit :-)

caro100

Deleted_User said:

caro100 said:

Deleted_User said:

You sometimes get different deals for Halifax through brokers.  This is the 2 year

2year: 
2.94% 
end date 31/07/2022
£0 fee 
erc: 2% to 31/07/2021 1% to 31/07/2022

Thanks, what does that rate make the monthly repayment? 

The firm I was made redundant from has another company that I could get employment with when this virus issue calms down and other businesses in this country and others start back up. It was a plastic recyclers that sold to Europe. It’s a difficult time but I’m going to try and do some studying to retrain while off. Maybe try something else while the opportunity presents.

£474 ish with 9rs 2 months left

Best of luck with your retraining.  When i was made redundant from the bank i worked in I used the time to study and get some exams done,  also dont forget to relax for a bit :-)

Thanks for the advice. Think I’ll stick to the 3 year fixed rate. 

Probably the best option for me in the circumstances.