Fixed or tracker

djr2031

I have a tracker mortgage at 1.59% above base rates. should stick with it or go for a 2 year fixed. Has anyone got any advice because I am totally confused 

Lewis7498

What’s the 2 year fixed rate you are getting?

jonnypb

Depends what your fixed rate is?  I've been offered a 2 year fix of 6.09%, or a tracker at 1.49% with no fee or a tracker at 0.5% with a £995 fee.  I'm tempted to go down the tracker route.

K_S

jonnypb said:

Depends what your fixed rate is?  I've been offered a 2 year fix of 6.09%, or a tracker at 1.49% with no fee or a tracker at 0.5% with a £995 fee.  I'm tempted to go down the tracker route.

@jonnypb Tracker at BOE+0.5%? Out of professional interest, what lender is that please and is it a product-switch (existing customers only)? I haven't come across any remortgage (new lender) trackers that are cheaper than BOE+0.7%.

simon_or

I would like to know as well.

jonnypb

K_S said:

jonnypb said:

Depends what your fixed rate is?  I've been offered a 2 year fix of 6.09%, or a tracker at 1.49% with no fee or a tracker at 0.5% with a £995 fee.  I'm tempted to go down the tracker route.

@jonnypb Tracker at BOE+0.5%? Out of professional interest, what lender is that please and is it a product-switch (existing customers only)? I haven't come across any remortgage (new lender) trackers that are cheaper than BOE+0.7%.

It's with the Natwest on a product switch.  

K_S

jonnypb said:

K_S said:

jonnypb said:

Depends what your fixed rate is?  I've been offered a 2 year fix of 6.09%, or a tracker at 1.49% with no fee or a tracker at 0.5% with a £995 fee.  I'm tempted to go down the tracker route.

@jonnypb Tracker at BOE+0.5%? Out of professional interest, what lender is that please and is it a product-switch (existing customers only)? I haven't come across any remortgage (new lender) trackers that are cheaper than BOE+0.7%.

It's with the Natwest on a product switch.  

@jonnypb Ah ok, thanks, I thought as much. I've just recommended a tracker yesterday for a remortgage (new lender) and I was worried I'd missed a better rate for the client!

djr2031

I have been offered Nationwide 2 year fixed at 4.99% but not sure if I should stay on a tracker of base + 1.59%

djr2031

Has anyone got any tips / framework about how to decide which is the best way forward fixed or tracker. Advisor has suggested 2 Yr fixed at 4.99% but have read so much to the point I am totally confused but don't want to get it wrong as we are, like many people really struggling with finances at the moment.

leew

Good question OP!

I was pondering this too, ours is up end of Feb 23 and our fixed rate is currently 2.13% so it's going to hurt!

Current fixed rates seem to be 5.50%+ where's trackers are as low as 2.99% but I guess that will rise soon enough and rise again and again!

I am just debating if it's likely to surpass the lowest 2 yr fixed rate, tricky one and I was reading there have been 9 interest rises in a year!