Another what would you do thread?

C225

Currentley my Deal at 2.04% ends 31st October next year, Balance is at £158k.  I can't really change provider (Natwest) as i'd probably fail affordability checks as my salary is a bit down since I applied ( My own choice to work Mon-Fri rather than shifts)

Currently at 2% ERC but that will go down to 1% on 1st November.  Choice is to pay the 1% ERC and move to one of Natwest's 5Yr Fixes at 4.79% as my LTV is currently 58% as soon as its possible for the 1% hopefully before rates go higher.  Will increase my mortgage by around £250 a month but i could afford that. 

Or do i risk waiting until the end of my deal? If the interest rates get upto predicted right when i would have to renew of approx 8% would effectively double my mortgage which would be tricky.

Moneysavernov

I’m in the same boat. Just posted. 

Mine ends in feb 24.

I’ve just paid the ERC and took the rate. 

However I need to give a good think this month (as I’m able to cancel and get that money back before the 1st nov) 

horrible situation. 

I’m swaying to taking the rate now as I no I can afford it. 

Holly_Kipper

We’ve are in the same position ours ends Nov 23. We’ve spoke to 3 brokers who told us to hold on (not saying for you to do this). 

HSBCs rate for us seems to be one of the highest at 5.93%, it was 3.93% last week. 

It’s worrying isn’t, not sure what to do really horrid feeling  

C225

I’m trying not to worry as in theory I could afford up to about 8% but would have no spare money at all for anything like emergencies. 

Reading some other threads it seems even to get an appointment with NatWest is taking up to 6 weeks as I’d need one as I’m paying an ERC so will probably have to look at getting one very soon.