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Fix for 1 or 2 years?
ruelle
Posts: 165 Forumite
Yes, I know that no one has a crystal ball but I have the option of fixing for 1 or 2 years (it's a remortgage which is why I'm able to get a 1 year fix). I don't want to fix for longer as I feel like rates will drop. I'm not sure if they'll drop as quickly as 1 year but I'm worried about the general election that is likely to take place in 2025 causing more financial turmoil so I'm thinking a 1 year fix might be good as things might still be relatively calm in mid-2024. I mean who knows but I'd love to hear some views from other people!
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Isn't the latest date for a GE December 2024, no more than five years from the last one?I am a mortgage broker. 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
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I Googled and it said January 2025 is the latest date. What impact do GE usually have on interest rates?0
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In these years of supposed BOE independence there should be little connection between election dates and interest rates. However, I'm sure the current incumbent Govt will try to improve its attractiveness to voters ahead of an election whenever that may be. That usually means tax cuts and rate reductions.
I am a mortgage broker. 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 -
Interesting... I wonder what Labour winning the GE would do to rates...0
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1 year will come around very quickly, and bear in mind that you may end up paying product fees twice in just over a year, if the products you choose have fees.0
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Luckily there are no product fees involved! Currently the 1 yr is 4.77%, I'm shopping around for a 2 year and I think I can get 4.3%... I guess I do worry about the timing of the 2 year coming to an end in the aftermath of the GE (earliest I could apply would be Jan 2025). But then if I take the 1 year no guarantee rates would be significantly lower by then...0
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The reasons why I chose a tracker at .34% above base rate.
I will watch and wait!0 -
Trackers seem to be the same price as fixed rates now!0
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