Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

I'm glad I locked in my interest rate last night seeing how the price of oil took a huge increase of 25% over night. I doubt the same level of mortgage offers from Natwest will stay available for very long. And the longer the war continues the worse the economic situation will become. Least I know I am now secure for at least the next 5 years ☺️

daisy_1571

That's the choice id have made as well tez

in_need_of_direction

I’m the person who once locked in a 5 year fix at 12.9% which was great in the short term but not so great over the 5 years. That said, ultimately knowing what my outgoings would be made the best sense for me. You’ve got to take account of peace of mind as well as pennies and pounds. Well done on making the decision.

daisy_1571

Yup, we locked in for 10 years which we came out of before the end as the newer rates were good enough to be worthwhile but the security of knowing our outgoings was priceless

ellenvan

https://forums.moneysavingexpert.com/discussion/comment/81915108#Comment_81915108

Absolutely good decision. The rates that are available now won't stay around for long.

vampirotoothus

Hi Tezza, that's exactly what I'd have done. As you say, you still have options should things improve. V x

Tezzadp

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Tezzadp

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Tezzadp

Thank you everyone. The big spikes in oil and gas made the news today and the effects it could have on energy, food, general all round inflation and higher interest rates, especially the longer the war continues the bigger the effect on our economy and longer it will take to recover.

Although i have looked at the oil and gas markets again just and they have recovered from the big spikes today and are actually down -7%+ and -4%+ respectively . Also the majority of the worlds indices (Dow Jones, S&P 500, Nasdaq, FTSE 100, Dax etc) have all recovered from big losses they had earlier today and are now showing growth for the day. The Volatility index which measures market uncertainty was up massively this morning but has now taken a big swing in the opposite direction and is actually down almost 10% for the day. These all may be a sign that things might be close to calming down somewhat in the middle east or it could just be the stock market taking a breather after a very volatile few days. But we will see how it pans out in the near future.

I am still glad i am in the secure position that i have my mortgage locked at 4.02%. If things did change for the better in the next 3 months before i renew then i can change my option to a newer lower offer before the renewal date. Also if i do lock in for the 5 years i cant see rates going below 3% at the end of 2 years, so i will only ever be paying 1% more than a 3% rate if it did go that low. But the rate could very easily go to 5,6 or 7%+ after 2 years which would mean if i chose a 2 year fix i would have to renew at a much higher rate and would certainly struggle to find the money to pay the mortgage each month at those rates, but securing it at 4% gives me peace of mind for a longer period of time and hopefully the interest rates will be more stable by then.

Rhyddid2026

I agree, I'd much rather the security of knowing how much I have to pay, even if it means I'm paying slightly more. For me it's worth it for a bit of certainty in a very uncertain world.

I remember weighing up the pros and cons for my last mortgage. I thought I had fixed for 2 years but was overjoyed when I discovered I'd been extra cautious and fixed for 5. It would have needed renewing during a period of much higher interest rates.