What would you do

hippocrates1

Coming up to the end of a 2 year fix taken out June 21.

Current mortgage is £906 per month. Bought with 10% deposit.

I have a few questions.  

1. Which of these deals would you go for?

2. if I select one now, will the payments change at the end of my term of from next month?

3. if I pick one now and rates change can I change deals before the end of my term?

4. is it worth shopping around banks or are these deals pretty in line with the market? To add I have just changed jobs so I dunno if it’s too much hassle?

5. Why is there a product fee if I’m staying with the same bank?

MikeJXE

I'm not in the market for a mortgage I did that long ago 

Interest rates at the moment are likely to go up if only for this year so I would go for the 2 year tracker 

hippocrates1

MikeJXE said:

I'm not in the market for a mortgage I did that long ago 

Interest rates at the moment are likely to go up if only for this year so I would go for the 2 year tracker 

thank you for your response. Can I ask why would you pick a tracker if you suspect they will go up?

MikeJXE

hippocrates1 said:

MikeJXE said:

I'm not in the market for a mortgage I did that long ago 

Interest rates at the moment are likely to go up if only for this year so I would go for the 2 year tracker 

thank you for your response. Can I ask why would you pick a tracker if you suspect they will go up?

This government will only survive another general election by getting inflation down quick and convincing the public to stay, they have only this year to achieve that. 

The best way to get inflation down is for the Bank of England to raise rates but

That puts borrowing up, something the government doesn't want. 

So my guess is it will be quick and rates will fall and thats why I wouldn't want to be in a fix for long 

hippocrates1

MikeJXE said:

hippocrates1 said:

MikeJXE said:

I'm not in the market for a mortgage I did that long ago 

Interest rates at the moment are likely to go up if only for this year so I would go for the 2 year tracker 

thank you for your response. Can I ask why would you pick a tracker if you suspect they will go up?

This government will only survive another general election by getting inflation down quick and convincing the public to stay, they have only this year to achieve that. 

The best way to get inflation down is for the Bank of England to raise rates but

That puts borrowing up, something the government doesn't want. 

So my guess is it will be quick and rates will fall and thats why I wouldn't want to be in a fix for long 

A tracker changes with the base rate? If the base rate goes up your mortgage repayments increase?

MikeJXE

hippocrates1 said:

MikeJXE said:

hippocrates1 said:

MikeJXE said:

I'm not in the market for a mortgage I did that long ago 

Interest rates at the moment are likely to go up if only for this year so I would go for the 2 year tracker 

thank you for your response. Can I ask why would you pick a tracker if you suspect they will go up?

This government will only survive another general election by getting inflation down quick and convincing the public to stay, they have only this year to achieve that. 

The best way to get inflation down is for the Bank of England to raise rates but

That puts borrowing up, something the government doesn't want. 

So my guess is it will be quick and rates will fall and thats why I wouldn't want to be in a fix for long 

A tracker changes with the base rate? If the base rate goes up your mortgage repayments increase?

Well I obviously knew that and why I said they will fall

What you have to decide is how fast and how far will they go up and

How fast will they come down 

The upward trend has a head start so I'm guessing not much higher and the fix offers you have seem to think the same

I'm no financial advisor and it's probably best you take no notice

I'm old and my guesses are from my experience of life

You will no doubt hear from more qualified forumites  who will give you better advice after pointing out why I'm wrong 

matt1983

Im in a very similar situation so look forward to any more responses on this thread. Im sort of leaning towards a two year tracker but i have another month or two to decide. 

MFWannabe

As your fix isn’t up until June I’d see what happens on next boe announcement next week as this will change rates