Mortgage options

W

WGT

Registered User
Messages
193
Hi, We have an outstanding mortgage of 67,000.It's a tracking mortgage with low interest (I think 1 or 1.5%).The value of the house is at least 250,000.With the widely predicted interest rate increases apparently on the horizon, we were wondering what is the best option.Perhaps an LTV mortgage or should we fix it OR just stick with the tracker mortgage.All advice welcome.
 
Stick with the Tracker. If you listen to any of the money experts they say having one is like gold dust.
You have a relatively small mortgage and a low interest rate to boot. I wouldn't be rushing to change it.

What is the remaining term of the mortgage and how is your ability to pay?
 
niceoneted said:
Stick with the Tracker. If you listen to any of the money experts they say having one is like gold dust.
You have a relatively small mortgage and a low interest rate to boot. I wouldn't be rushing to change it.

What is the remaining term of the mortgage and how is your ability to pay?
Click to expand...

Myself and the other half also have same saving of 40k each (80k in total) so if push came to shove we could pay off a chunk.
 
When rates start to raise and if you don't have your savings earning more interest than you are paying I would consider paying some off alright.
Actually I think I would clear it as I am a beliver in not having debt. I would love the feeling of collecting the deeds.
 
I think you would be daft to give up a low tracker. I don't believe any banks are doing LTV mortgages any more, and when they were the benefit was that you got a low tracker! Unless you mean STV which basically means the banks will increase the rate along with ECB with a few extra increases on top.
 
If its a 1 or 1.5% tracker then thats cheap money in the current climate.

Stick with it if your keeping the mortgage or pay it off any pay no interest at all!
 
You must log in or register to reply here.
Back
Top