Help should I fix ??? Need expert advice

weazie189

Hi everyone,
We have 7 years left on our mortgage, 46,000 left to pay and it's variable rate, currently at 3.24% paying £571 per month 

Have no clue wether it's best to fix for a few years or not, I read that if your mortgage is less than 50,000 it might not be a good idea to fix???? Just worried about what the payments could potentially go upto.  Any advice would be great

Thanks

weazie189

Can anyone help with this?

[Deleted User]

It depends on your appetite for risk and what remortgage deals are available to you.

If your mortgage is small, then changes in interest rates have a lesser impact in actual cash terns, especially if you can overpay.

K_S

weazie189 said:

Hi everyone,
We have 7 years left on our mortgage, 46,000 left to pay and it's variable rate, currently at 3.24% paying £571 per month 

Have no clue wether it's best to fix for a few years or not, I read that if your mortgage is less than 50,000 it might not be a good idea to fix???? Just worried about what the payments could potentially go upto.  Any advice would be great

Thanks

@weazie189 It's hard to say what would be best or what will turn out (at some point in future) to be the best course of action.

The things you could consider or factor in are -

1. If you're on a variable rate that is currently at 3.24%, that's not a bad rate at all to be honest, considering that the follow-on/SVR rate for most mainstream lenders is 4.25%+.
2. If your main concern is higher monthly payments, you may want to consider re-mortgaging to a longer term and lowering your monthly payments. What kind of term is available will depend on your age, what kind of job you do, intended retirement age, specific lender, etc. 
3. A longer term doesn't necessarily mean that you will pay more interest, you always have the option of voluntarily overpaying regularly to achieve the same interest rate savings as a lower term.
   

Just a few things to think of.