Colin
Member
Registered: 4th Apr 02
User status: Offline
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Anyone doing so just now?
Not sure if I should fix for another 2-3yrs or take a gamble at a tracker??
Looking at 70% LTV I can get a deal of 4.2% from my bank for 2yrs fixed with no fee's.
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John
Member
Registered: 30th Jun 03
User status: Offline
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What's the rate for the tracker?
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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2.99%
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Theres about £100 a month in it.
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John
Member
Registered: 30th Jun 03
User status: Offline
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I'd do tracker just now and then fix if there's a sniff of interest rates shooting back up. That's what I'm planning on doing next April anyway.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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So is that tracker base rate + 1.49%?
John - are you able to just switch? Surely everyone would just do that...
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John
Member
Registered: 30th Jun 03
User status: Offline
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Depends on the exact product I think, some will have no fees, others probably will.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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I can't see the interest rates shooting back up, maybe increase gradually instead.
I'm no economist but if they shoot back up quickly a large chunk of the population will be royally fucked.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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i would go tracker
however watch the markets carefully - as soon as there is any inclination that rates will increase all the fixed rates jump up
I have part of mine on tracker at 2.5% and the rest on a fixed 2 year at 3.79%
if your on a tracker you can jump onto a fixed rate at any point but fixed rates obviously have one off fees for arrangement
[Edited on 13-08-2012 by whitter45]
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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I could handle a 1-2% rise over the term, but if it went up to early 90's levels i'd be fucked!!
Just seen one now with HSBC. 2.99%
£470 fee's
£821 a month on 15yr term.
Thats cut another 5yrs off current offer I had for only £70 more a month.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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shorter term the better mate
Check for early redemption fees and if you can pay extra a month if you have the extra cash available
How long is the HSBC term for or is it a tracker
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Yes to a point though I dont want to be strangled financially making massive mortgage payments. Although an extra few quid to shave years off is very welcoming.
No early payment charges and think I can overpay standard 10% annum.
2yr deal. Wouldn't commit any longer with a tracker tbh.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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can't see the rates going up for at least another 2 years yet tbh.
it was only last week the news were saying how we're in another recession.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Just do the tracker then aye?
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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quote:
Originally posted by Ben G
can't see the rates going up for at least another 2 years yet tbh.
it was only last week the news were saying how we're in another recession.
imo, I agree with that, I can't wait till we're off our fixed rate in February, felt conned into it at the time by our "advisor" and i've been completely vindicated in that, unfortunately he confused the missus with jargon and I just went along with it 
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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Exactly the same here. 6.05% fixed for 3 years. Ends next may. Utter piss take.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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Ive just come out of a fixed deal. Currently 2.5% above base, fixed, best i can get is around 3.8%, whilst i can afford the potential change im seeing it through and cant see the rates changing anytime soon.
edit: My mortgage has dropped £200 a month which was pure interest, robbing bastards being a FTB.
[Edited on 13-08-2012 by Toby]
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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double dip, cant see rates going anywhere just yet
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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triple dip was being reported recently, and with the olympics closing down london for a couple of weeks, can't imagine the next set of figures being too great either
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stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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We just did ours with Nationwide mate. They had a lot of products and fairly good rates on offer. Can overpay £500 per month if you want to aswell.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by Colin
2yr deal. Wouldn't commit any longer with a tracker tbh.
Except you paid £470 this time, probably about the same next time, if you're spending £500 on fees every 24 months that will push up the effective interest rate on the borrowing.
[Edited on 14-08-2012 by Ian]
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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If you're good at predicting the future fixed rates are fine, but most of the time you'll be losing out to the banks.
6% when base rate is 0.5% is a con.
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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I'm on 3.9% svr ATM with Halifax coming off our 2yr fix in March. Not willing to pay fees to guarantee a higher fixed rate right now...
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by James
I can't see the interest rates shooting back up, maybe increase gradually instead.
I'm no economist but if they shoot back up quickly a large chunk of the population will be royally fucked.
precisely. would go up in small stages. no reaosn whatsoever to fix at present
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Ben G
Exactly the same here. 6.05% fixed for 3 years. Ends next may. Utter piss take.
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