4.5% fixed for 2years ??

[saintstephen]

Mortgage renewal is up with first active, they have offered
4.5% fixed for 2 years
5.3% fixed for 3 years
5.5% fixed for 5 years
or should we go variable ??
House worth 155k, mortgage is 127k
Thanks

 

[NorfBank]

Loads of posts on this Stephen, try a search.
The decision should be based on your individual circumstances.
My advice, if you do not need to fix then don't.

 

[saintstephen]

Thanks for the reply,
I know there is alot of info but I in the last week there is more talk of another interest rate cut and if i held off the offer could improve.
I have to decide by next monday.

 

[Bronte]

With apparently one or two interest rate cuts forecast you should revert to variable and then see what the fixed rates are when rates change and fix at that time if it suits you. Some people prefer the peace of mind of fixed rates. Also banks may increase their margins in the future so fixed rates may not be as preferable to variable as they have been to date.

 

[saintstephen]

I'll go variable and fix it later, thanks for the advice

 

[colm5]

Hi, Where are you seeing the4.5% fixed rate. this is what I find on the first active site

Fixed Rates
Residential Customers1 Year Fixed Rate5.7%2 Year Fixed Rate5.7%3 Year Fixed Rate5.6%5 Year Fixed Rate5.7%

 

[agapanthus]

Its a limited special offer rate for existing customers coming off fixed rates at the moment.

 

[bren1916]

Its a limited special offer rate for existing customers coming off fixed rates at the moment.

That says it all really - do not fix - they know the intereest rates are gonna tumble over the next few months.

 

[colm5]

Its a limited special offer rate for existing customers coming off fixed rates at the moment.

4.5%, Thats pretty good, just cause ECB goes down does not mean cheaper mortgages.