whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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Just trying to get a feeling of peoples opinions (I am almost sure of which is the more sensibel option)
Without getting too detailed I have an existing mortgage with is 2% above base rate i.e (2.5%).
My initial thoughts were to port this over and borrow additional money at a fixed rate so effectively 2 mortgages
However I do not think long term the rates are going to stay low so in order to have options my thoughts were
Option 1
Keep existing on the tracker and get a 2 year fixed for addition so that after 2 years i can have just one mortgage
Option 2
Payoff existing mortgage when I sell and get a new mortgage for the mount required on a fixed term
I think in the current climate option 2 is the better one but just wondering peoples thoughts or experiences if they have had similar debates
thanks
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VrsTurbo
Premium Member
Registered: 8th Jun 10
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well i dont think the rates will be going up anytime soon anyway. Its a gamble at the end of the day but your more likely to save money on option 1 as long as the rate stays low. i think its going to be there for at least another year or two.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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I should have said option 2 is a 5 year fixed with no fees and free survey
option 1 is £999 product fee for additional borrowing and would incur £300 survey fee
[Edited on 13-09-2011 by whitter45]
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AndyKent
Member
Registered: 3rd Sep 05
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Doubt rates are going anywhere soon as well tbh. Theres no real signs of growth so no reason for them to rise.
I'd stick with what you have for another 6-12 months, fix later if you still want to.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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the rates will go up, but not by a huge amount. i would probably say up to 2% max.
i'm currently on a 6.05% fix rate mortgage until next june. pissing me right off.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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I think the decision is to be the fixed rate for the full amount
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