We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
Fixed rate mortgage ends Dec 2022 advice
wannaberich41
Posts: 527 Forumite
Hi
my fixed rate mortgage ends at the end of this year. I was on 1.59% for 2 years.
in July my balance was £75083, paying £486.03 a month. Term remaining 14th 5 months. Property valued in 2020 £325000.
should I start looking now for new deals?
wgat are current rates?
how long should I fix for?
my fixed rate mortgage ends at the end of this year. I was on 1.59% for 2 years.
in July my balance was £75083, paying £486.03 a month. Term remaining 14th 5 months. Property valued in 2020 £325000.
should I start looking now for new deals?
wgat are current rates?
how long should I fix for?
Many thanks
Things will get better day by day.
0
Comments
-
Dpending on your lender, you can probably fix now.wannaberich41 said:Hi
my fixed rate mortgage ends at the end of this year. I was on 1.59% for 2 years.
in July my balance was £75083, paying £486.03 a month. Term remaining 14th 5 months. Property valued in 2020 £325000.
should I start looking now for new deals?
wgat are current rates?
how long should I fix for?Many thanks
I will be on it ASAP because rates are constantly changing and last change was just made by the BOE on the 4th August.
If you can renew now, why delay?
You will have to check online for the current rates depending on your LTV etc.
How long you should fix for depends on your circumstances but 5 years likely better.2 -
Rates at the moment @wonnaberich41 are not going to be as good as what you currently have - the lowest rate I could see from a high street lender is roughly 3% for the same sums you put above.
Worth checking with a estate agent (or Zoopla, etc) what houses in your area are going for though as I would imagine £325k in 2020 would be nearer to £350k given the hot streak the market had in the past few years...0 -
@wannaberich41 Given that most remortgage offers are valid for 6 months and your fix is expiring in Dec, you could have started looking in early July but better late than never.wannaberich41 said:Hi
my fixed rate mortgage ends at the end of this year. I was on 1.59% for 2 years.
in July my balance was £75083, paying £486.03 a month. Term remaining 14th 5 months. Property valued in 2020 £325000.
should I start looking now for new deals?
wgat are current rates?
how long should I fix for?Many thanks
To get a sense of the current rates, plug in your numbers on the MSE mortgage comparison here
https://www.moneysavingexpert.com/mortgages/best-buys/
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards