Shall I Switch

m.colak

Hi just thought i'd canvas opinion out there

My current mortgage is due to expire on the 1st of march this year and is currently at 5.75%. Do i let it expire and go to the variable rate of 1.49% above the bank of england base rate until the end of the year when they have stated that they are going to be cutting the base rate over the next year by about 1% or do i switch after the annoucement on the 10th of this month. It works out for my mortgage that i'm paying £680 at the moment but that will increase to about £775 from 1st of march.

Any idea's anyone

Daft_Pegasus

You might get more/better advice from putting this in the mortgage thread but have you thought about a discounted mortgage? That way you get the advantage of any drops in the BoE base rate.

If you can find one with no penalty escape clause then you'd be free to swap should a better product come on the market.

Trying_to_be_good

If your aim is to be MF as soon as possible you might want a longer-term good rate - you need to decide what your aim is before you can decide what sort of mortgage would be best for you.

Jonbvn

You should be able to get a better rate with a tracker mortgage, rather than your lenders SVR mortgage. You should be able to get a good tracker at around BoE + 0.5% max. Watch out for arrangement fees.