baza31
Member
Registered: 19th Apr 03
Location: yorkshire
User status: Offline
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I am in need of a bit of mortgage help , i went to my bank who gave me a mortgage promise halifax but the interest rate was 4.8 or something daft.
I have seen hsbc who have a tracker mortgage of 2.19% .
even though i have looked and looked i cant find a better one, basically i am only borrowing 35k , with this it seems i can pay more off if i choose without any extra cost am i right?
is there a lot more risk with tracker mortgage ? seems alot cheaper than everywhere else?
i have an appointment at 9.30am tomorrow
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Colin
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Registered: 4th Apr 02
User status: Offline
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I wouldnt touch a tracker mate, rates will go up!!
4.8%'s not too bad for a fixed term mortgage, at least you know what you'll be paying each month!!
Theres speculation that BOE base rate could tip 8% in the next few years. Whether it will or wont is anyones guess. Remember the early 90's when it went to 14%!!! Could you afford the extra each month if that was to happen?
[Edited on 14-09-2010 by Colin]
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
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Can't see it hitting 8% anytime soon! If I was only borrowing £35,000 I'd risk a tracker and just over pay as much as possible each month!
BoE has been 0.5% for 18monts now, way were going it's not gonna jump too much! IMO of course!
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by Colin
I wouldnt touch a tracker mate, rates will go up!!
4.8%'s not too bad for a fixed term mortgage, at least you know what you'll be paying each month!!
Theres speculation that BOE base rate could tip 8% in the next few years. Whether it will or wont is anyones guess. Remember the early 90's when it went to 14%!!! Could you afford the extra each month if that was to happen?
[Edited on 14-09-2010 by Colin]
It goes both ways though, if your fixed rate ends just as rates hit 8% you'll end up with a massive shock as your mortgage suddenly skyrockets.
I can't see rates getting that high tbh and for such a small amount i'd be overpaying like fuck to get it cleared regardless of rates.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Won't hit 8%, but it's sure as shit going to go up very sharp this time next year (we'll have a bit of a slowdown after the VAT goes up)
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Most economists are predicting a freeze in interest rates for at least another 12 months, if not longer.
It really depends what your plans are. I'm in the process of getting a mortgage and looking to secure a good rate for as long as possible as have no plans to move anytime soon and don't want the extra fees every year or so organising a new one n
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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For £35k get the lowest interest rate possible and overpay to fuck, will clear it (obv based on wages) in no time
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Hey, nobody knows for sure what will happen with interest rates, it car turn quickly, I bet no one thought they would drop as much as 0.5. I bet no one thought they would stay at that for so long. It could swing into the unknown, like in the 90's. If your n a tracker deal you could see your monthly payment triple if it gets as bad as it did then.
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