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Am i crazy? - rolling the dice?

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  • nubbins
    nubbins Posts: 725 Forumite
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    shaunhouse wrote: »
    What is your situation if you don't mind me asking Crashy?


    :rotfl:I'll get some popcorn whilst I eagerly await the response
  • shaunhouse
    shaunhouse Posts: 105 Forumite
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    nubbins wrote: »
    :rotfl:I'll get some popcorn whilst I eagerly await the response

    Looks like you'll need more popcorn!
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
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    shaunhouse wrote: »
    Looks like you'll need more popcorn!

    He never answers questions.
  • GDB2222
    GDB2222 Posts: 24,670 Forumite
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    shaunhouse wrote: »
    Looks like you'll need more popcorn!

    You seem to be (sensibly, in my view) worried about the risk you are taking. One way you can reduce that is to fix your mortgage interest rate for a longer term. Have you thought of going for a 10-15 year fix?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • chappers
    chappers Posts: 2,988 Forumite
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    GDB2222 wrote: »
    You seem to be (sensibly, in my view) worried about the risk you are taking. One way you can reduce that is to fix your mortgage interest rate for a longer term. Have you thought of going for a 10-15 year fix?

    That's a very interesting point and does potentially offer long-term piece of mind.
    However I do wonder where the real value lies in those loans they may seem tempting when you look at the absolute figures and within the time period, yes the interest rate may well go above the 10year fix rate, but for what period of the loan.
  • shaunhouse
    shaunhouse Posts: 105 Forumite
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    GDB2222 wrote: »
    You seem to be (sensibly, in my view) worried about the risk you are taking. One way you can reduce that is to fix your mortgage interest rate for a longer term. Have you thought of going for a 10-15 year fix?

    I'm comfortable with the risk of the 5 year fix. Barclay's 1.65% for 5 years works out at £685 per month and I plan to overpay about 10k per year which would leave me with a balance of about 135k after the 5 years.

    I've come to realise I'm way down the pecking order in terms of who will be crucified if interest rates soar and house prices decline. Not as worried as when I started the thread.
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