Mortgage deal ending

[idahoblues]

A couple killed in an avalanche near the Montana border according to the news here.

I’m expecting to hear of some more, the avalanche risk is about as high as it gets

 

[Onholiday(somemightsay)]

My last payment goes out at the end of this month

Outstanding.........

 

[Hiley rated]

Just a quick bump on this thread… anyone with any advice; we’ve a mortgage up for renewal at the moment and are wondering if it would be best to stay on a variable for a few months and then find something more fixed if / when rates come down in the spring, rather than getting tied in now? Any advice would be welcome.

 

[denislawsbackheel]

If you knew they were coming down you could be a millionaire in a year.

 

[117 M34]

One of my sub accounts on mortgage is up at end of July so can sign up for new one now.
2 year fixed would be £818 per month
5 year fixed would be £806 per month
10 year fixed would be £831 per month
Tracker would be £876 per month

Currently paying £751.

Which do you think would be best?

 

[Elbow beards]

One of my sub accounts on mortgage is up at end of July so can sign up for new one now.
2 year fixed would be £818 per month
5 year fixed would be £806 per month
10 year fixed would be £831 per month
Tracker would be £876 per month

Currently paying £751.

Which do you think would be best?

Interest rates are forecast to come down in may. Possibly hang fire for few months to see what the score is, then fix? I'm no financial expert though.

 

[Citizen of Legoland]

One of my sub accounts on mortgage is up at end of July so can sign up for new one now.
2 year fixed would be £818 per month
5 year fixed would be £806 per month
10 year fixed would be £831 per month
Tracker would be £876 per month

Currently paying £751.

Which do you think would be best?

What’s the cost of getting out of the fixed rates? Also worth checking if you can overpay without penalty should rates go up, even if people say they’re likely to come down soon, 5yrs is a long time.

If you’re happy with paying £751 then £806 looks the best deal to me. £55 extra is £660 per year so let’s say the rates come down to match your £751 deal in two years. You might lose just under £2k on the gamble. If you go on the tracker then you’ve already paid £1680 more in that time. You won’t win them all but these aren’t big numbers to risk.

 

[117 M34]

What’s the cost of getting out of the fixed rates? Also worth checking if you can overpay without penalty should rates go up, even if people say they’re likely to come down soon, 5yrs is a long time.

If you’re happy with paying £751 then £806 looks the best deal to me. £55 extra is £660 per year so let’s say the rates come down to match your £751 deal in two years. You might lose just under £2k on the gamble. If you go on the tracker then you’ve already paid £1680 more in that time. You won’t win them all but these aren’t big numbers to risk.

Yeah I don't think the tracker is best idea.
2 year or 5 year fixed is probably the decision I need to make.