Mortgage

Got shot of ours years ago, however there was a very interesting piece on Martin Lewis' money program last week about renewing mortgages. Go on catchup whatever and have a look.

 

We fixed our for 2 years for comfort, but it then rate fell.

 

I've just fixed mine for 2 years with Santander at 1.29%. Can't remember the 5 year rate but for me the saving per month was so massive I decided to take the saving for 2 years.

I've been caught out too many times with 5 years fixed but as it stands today, can you really see the rates falling any lower ?

Depending on how much you're mortgage is ( mines f'*@$% massive ) if the difference between 2 and 5 is only £50 or so month then I'd fix it for 5 years, you know where you are, just forget about it, you never know the rates could go up considerably and you'll be quids in !!

 

Fixed rate mortgages are brilliant for predicting future rates.

If they are offering low rates fixed over five years, you know that the rates aren't expected to go up for some time to come, and you will pay over the odds for that term. If the lenders stop offering attractive rates over a long term, you know that rates are expected to rise soon.

Either way, you cannot do a damn thing about it. Rigged game.

 

For £50 I'd take the fixed IMHO. Cant see them coming down more, even if the base rate did. Unless there are better out there of course

 

We renewed in June and took the 5 year fixed rate option. I'm certain the rates can only go up so seemed best idea to at least have that set in stone.

 

That sort of thing can happen, if I ran a bank I would definitely try and flog fixed interest to all my customers, it would make my monthly cash flow predictable which in turn would make my speculating on the markets much easier. I'd probably try and sell them an insurance policy for peace of mind as well. Unfortunately for me, and probably my potential customers, I don't.

 

Its cost them billions so far, may be worth giving a miss

 

I did mine with Santander 2 years ago on a 5 year fixed, went down but can't relaly go any further - and if Duke is right then I'll be ok for another 3 years - but he's always wrong

 

That sort of attitude doesn't help at all.

 

You only understand what it is if you pay between 8,5 and 10,5% interest rates like we do....

 

Nuke him then :Rage: although he will only remove them :Sorry:

 

Mortgage........... what's that then?
Finally this year got rid of it.
Fixed rates are an easy way to plan your budget so certainly a way forward.
Have you not thought about the bank of Mum and Dad?

 

Your house is worth £450,000 :Wideyed: with that rickety shed :Wideyed::Wideyed::Wideyed: is it built on an oil field? :Jawdrop:

 

Fortunately mine is paid off but I paid up to 14% interest back around 1980 ish.
Steve

 

Good old Thatcher years then....