To mortgage now or wait?

ratkarth

looking for advice
coming to the end of a 2 year fixed mortgage with northen rock, once complete will go on thier standard variable rate
spoken to broker who advisises nationwide 2 year fixed
although in doing this will have to pay off £5000 in order to get a better rate.
currently once bank charges are taken into account there appears to be little difference between moving and staying on the standard northen rock rate
so do i hang on and then asses situation in 4 months time, or take the variable rate mortgage and lock myself in for 2 years

mr_mortgage

ratkarth wrote: »

looking for advice
coming to the end of a 2 year fixed mortgage with northen rock, once complete will go on thier standard variable rate
spoken to broker who advisises nationwide 2 year fixed
although in doing this will have to pay off £5000 in order to get a better rate.
currently once bank charges are taken into account there appears to be little difference between moving and staying on the standard northen rock rate
so do i hang on and then asses situation in 4 months time, or take the variable rate mortgage and lock myself in for 2 years

Don't construe this as advice, but now is not exactly a hot time to get a bargain on a mortgage. If there is little difference between the new and old it might be worth it to 'wait and see'.

Much probably depends on your risk appetite - do you want to fix, or go for a variable product?

Can you give a bit more detail about amounts outstanding, the likely value of the property, etc?

It's no accident that there is little difference between moving and staying - the product are designed that way, and although it doesn't always work out that way your lender knows that there's a certain amount of inertia tied to you because of entry/exit fees.

Anyways, get back to us with some more details ...