Ditch and Fix?

cook0891

Hi. My current deal with Halifax expires May 23, so I can move to a new rate with them from Feb 23 with no charges. 

However, I can switch now and pay £800 repayment charge. 

Currently paying 3.19% and offered a new 3 year fix at 3.69%. This is by far the cheapest I have seen. Will increase monthly payments by £20 per month. 

With rates expected to rise before Feb, do people think it is worth paying the £800? 

I know it is so close but my logic is if they go up and up and say it’s an increase of £50pm. £50 x 36 = £1,800 so even with £800 be saving £1,000. (I appreciate £50 just a random figure) 

any advice appreciated as going out my mind worrying (suffer from bad anxiety!) 

Thanks. 

MFWannabe

If it were me I’d go for it, that’s a great rate in these current times 

housebuyer143

That's a great rate, I would have that.

london21

Thats is a very competitive rate if you can still get it.

cook0891

Thanks for the replies. I am going to ring and try and get it today. 

3 years - 3.69% - £593

The other options they gave me was:
2 years - 5.06% - £652

5 years - 4.45% - £625

10 years - 4.61% - £632

I did wonder about the 5 year option but hopefully in 3 years it will have all calmed down and be still be around that rate? 

Edi81

If you can do it online do it that way. 

As soon as you speak to a person it can become an advised service and takes far longer to do. 

mi-key

That is a very good rate, I would definitely go for it for the stability if nothing else. 5 year is worth conisdering as it's only £32 a month more. The rate may go up and down a bit over the next 5 years but at least you are protected in case it does happen to be higher when you are due to renew it. 

MattMattMattUK

cook0891 said:

Thanks for the replies. I am going to ring and try and get it today. 

3 years - 3.69% - £593

The other options they gave me was:
2 years - 5.06% - £652

5 years - 4.45% - £625

10 years - 4.61% - £632

I did wonder about the 5 year option but hopefully in 3 years it will have all calmed down and be still be around that rate? 

If it were me I would take the five year option, but it does also depend what the remainder of your mortgage term/total amount is and your capacity to overpay over the next three years. 

cook0891

Thanks for advice. 

I have around £82k with 15 years left. 

I am swaying towards 3 years but appreciate advice about 5 years. 

bamgbost

Nice one. Sounds like a great deal.  have u secured it?

cook0891

Hi all,

Yes, all sorted and locked in. 

I am so relieved 😊😊