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Help! Shall I fix for 2 or 5 years?
Sam3007
Posts: 91 Forumite
Hi All.
I am on a fixed rate of %2.07 that ends in December this year.
My LTV is 65%.
Halifax offered me to lock in a new rate from now to start in Dec.
2 years at %6.3
5 years at %5.61
10 years at %5.50
For several reasons, I might not be able to change lender.
I will still be able to afford the payments either way. I will probably choose 2 or 5 years.
If you were me, would you fix for 2 or 5 years and why?
Thanks
I am on a fixed rate of %2.07 that ends in December this year.
My LTV is 65%.
Halifax offered me to lock in a new rate from now to start in Dec.
2 years at %6.3
5 years at %5.61
10 years at %5.50
For several reasons, I might not be able to change lender.
I will still be able to afford the payments either way. I will probably choose 2 or 5 years.
If you were me, would you fix for 2 or 5 years and why?
Thanks
0
Comments
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Don't know enough about your circumstances, plans, preferences....0
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Sorry I forgot to mention that I am not planning to move house at all. My income is stable and increasing (sole trader)CSI_Yorkshire said:Don't know enough about your circumstances, plans, preferences....
remaining balance 180K over 26 y
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What tracker rates are they offering?0
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I’m in a similar position and will look at a tracker *hoping* it will all be a bit calmer by next year
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On MSE, it says %5.33 with 999 product fee.RelievedSheff said:What tracker rates are they offering?
Can I swtich to a tracker rate without the need to submit a full application again?
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Hi Sam
I'm a Halifax mortgage customer, my fixed term comes to an end similar time to you and I got offered similar fixed term rates. I called them today to reserve a 5 year fix, I can cancel without penalty if I change my mind before the new rate starts.
I don't think they offered a tracker upfront but its worth giving them a call and asking if that's something you are interested in.
What is worth knowing is that they did not go through the full Spanish Inquisition style interrogation that you would get if you are looking to switch lender. They did ask if I had any other debts eg credit cards and loans or was expecting any big changes but that was about it. They did try to sell me their overpriced insurance but thats standard...
It is definitely a lighter touch approval process as a current customer than going elsewhere, as you hint may be an issue for whatever reason.1
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