Remortgage Choice

Modric12

Whilst it is crystal ball stuff and everyone has their individual finances to consider I'm curious on what the general consensus moving forward

BikingBud

Really !

Based upon what criteria?

Otherwise 1.265398m for steel rope and 28.369m for 3 strand sisal

Sorry forgot to mention my favourite colour is flame orange.

RelievedSheff

5 year fix

I have voted for 5 years fix purely because that will be our remaining term when our current fix ends in 2026. Doesn't make any sense to fix for anything other than 5 years in our circumstances.

armistice

RelievedSheff said:

I have voted for 5 years fix purely because that will be our remaining term when our current fix ends in 2026. Doesn't make any sense to fix for anything other than 5 years in our circumstances.

That only makes sense if you believe that interest rates will not decrease during those 5 years. Is that what you expect?

Newbie_John

5 year fix

Try to change this question to - I have £50k where shall I put it?

a) 1 year fix
b) 2 year fix
c) 5 year fix
d) longer
e) easy access

There is no one answer for all - and yes interest rates are worth taking into consideration, as well as possible future interest rates.. but all you should be realy thinking is THE TERM, planning to move, sell, is relationship with partner stable, are kids on the way, schools, retirement, leaving country.. everyone circumstances are different.

BarelySentientAI

armistice said:

RelievedSheff said:

I have voted for 5 years fix purely because that will be our remaining term when our current fix ends in 2026. Doesn't make any sense to fix for anything other than 5 years in our circumstances.

That only makes sense if you believe that interest rates will not decrease during those 5 years. Is that what you expect?

That's not necessarily true.  Any shift in rate is unlikely to have a substantial difference in the total amount paid given it's the very end of the term, so barely any downside on missing out on potential decreases, but the security in planning outgoings for the period can be valuable.

Modric12

Newbie_John said:

Try to change this question to - I have £50k where shall I put it?

a) 1 year fix
b) 2 year fix
c) 5 year fix
d) longer
e) easy access

There is no one answer for all - and yes interest rates are worth taking into consideration, as well as possible future interest rates.. but all you should be realy thinking is THE TERM, planning to move, sell, is relationship with partner stable, are kids on the way, schools, retirement, leaving country.. everyone circumstances are different.

Thanks for the reply and I agree with what you are saying. I guess I'm not looking for an answer for my own personal circumstances, just curious on the general direction of travel of a wider audience. 

RelievedSheff

5 year fix

armistice said:

RelievedSheff said:

I have voted for 5 years fix purely because that will be our remaining term when our current fix ends in 2026. Doesn't make any sense to fix for anything other than 5 years in our circumstances.

That only makes sense if you believe that interest rates will not decrease during those 5 years. Is that what you expect?

Doubt there will be much downwards movement in interest rates barring a major "event" 


Very little of our repayment is interest given the remaining term is so short. Any movement in interest rate has very little effect on our repayments.

It makes far more sense in our situation to fix for the remaining term.

Disclaimer: Others situations may vary.