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Fixed rate dealing expiring - need advice
ARE007
Posts: 21 Forumite
My current fixed rate mortgage is coming to an end in a couple of weeks, and I need to decide what to do. The issue is complicated by the fact that my partner and I intend to buy a joint property within the next year and I may sell my house or convert to a buy-to-let. My current lender is offering me a 3 Year Fixed rate of 5.2%, but I'm reluctant to accept incase I do decide to sell within the next 12 months.
Do you think it better to stay on the lender's Standard Mortgage Rate ( 7.99%) for a few months until we can make a decision, or shall I accept the 3 year fixed? Obviously don't want to end up paying thousands in fees to get out the 3 year fixed. Would it be worth speaking to a mortgage advisor? Thanks.
Do you think it better to stay on the lender's Standard Mortgage Rate ( 7.99%) for a few months until we can make a decision, or shall I accept the 3 year fixed? Obviously don't want to end up paying thousands in fees to get out the 3 year fixed. Would it be worth speaking to a mortgage advisor? Thanks.
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Comments
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How big difference in monthly payments it is between 7.99% and 5.2% for you?
How likely are you to sell / buy in the next 2 years? You can always pick 2 years rather than 3, selling and buying also takes time.
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Does your lender have an ERC-free tracker product you could use temporarily?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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If you plan on selling perhaps 2 years better than 3?
Maybe one you can move with your next purchase.0
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