5 year below 2 year is interesting. Wouldn’t touch those 2 year fixes with a barge pole personally. Either way, now is the time to consider switching focus towards your mortgage balance, perhaps over S&S ISAs etc.
Things famously took a turn for the better in the mortgage market in late 2008…
Honestly you are probably best going for discounted variable products at this level – I see 2.5-3.0% discount variable rates currently on offer so the BoE would have to hike way more than I personally think they actually will to be worse off than these 6%+ fixes.
This is so fucked. I locked in at 1.53% for 5 years in January, completed in May and my payment is ~£685. If I was getting the mortgage now it would be 6.36% and I’d be paying ~£1,150. That’s mental.
I got a variable mortgage in 2006 and watched as the rates rose higher and felt like it was a bad move. But then 2008 happened and my rate crashed down to near zero. I have never made a better financial decision and it was all pure luck I took that mortgage.
5 comments
5 year below 2 year is interesting. Wouldn’t touch those 2 year fixes with a barge pole personally. Either way, now is the time to consider switching focus towards your mortgage balance, perhaps over S&S ISAs etc.
Things famously took a turn for the better in the mortgage market in late 2008…
Honestly you are probably best going for discounted variable products at this level – I see 2.5-3.0% discount variable rates currently on offer so the BoE would have to hike way more than I personally think they actually will to be worse off than these 6%+ fixes.
This is so fucked. I locked in at 1.53% for 5 years in January, completed in May and my payment is ~£685. If I was getting the mortgage now it would be 6.36% and I’d be paying ~£1,150. That’s mental.
I got a variable mortgage in 2006 and watched as the rates rose higher and felt like it was a bad move. But then 2008 happened and my rate crashed down to near zero. I have never made a better financial decision and it was all pure luck I took that mortgage.