C
cubaboy
Guest
This question has probably been asked a hundred times so apologies in advance. I would like your thoughts on my situation. My partner and I started paying back out thrity year tracker mortgage last September. We are currently paying 3.6% (after the most recent interest rate hike). Our mortgage goes up about 30 quid every time they up the rates. We both work and can afford the extra we have to pay. My questions are as follows:
1. Is it time to switch to a fixed rate mortgage???
2. Is it possible for me to do so in the first year (am I locked in to the variable for the first year??)
3. What is the procedure for changing mortages in this situation??
4. What is the most favourable fixed rate I should be looking at???
5. How long should I fix my rate for??
6. CAn I switch back to tracker after the agreed time period if the financial environment changes??
What I want to avoid if at all possible is having to change this time next year, after three or four more interest rate increases, and regret not doing so now.
Thanks in advance for any advice you can offer me.
1. Is it time to switch to a fixed rate mortgage???
2. Is it possible for me to do so in the first year (am I locked in to the variable for the first year??)
3. What is the procedure for changing mortages in this situation??
4. What is the most favourable fixed rate I should be looking at???
5. How long should I fix my rate for??
6. CAn I switch back to tracker after the agreed time period if the financial environment changes??
What I want to avoid if at all possible is having to change this time next year, after three or four more interest rate increases, and regret not doing so now.
Thanks in advance for any advice you can offer me.