billy-bob said:Right, but if I "lock in" to a tracker, am I limiting my options in the future? I things go mad, can I revert to a fixed at any point without penalty (I would have thought not).
The diff between the fixed and the tracker per month is quite nominal at the moment, so I'm not too worried on that front.
You should be able to switch to fixed at a later date if you need to but obviously prevailing fixed rates may have changed at that stage (up or down - who knows - although note the previous post). It is the other way around really - with a fixed rate you are locking yourself in and limiting your options so you should only do this for good reasons (e.g. because possible rate increases would put you under pressure).billy-bob said:Right, but if I "lock in" to a tracker, am I limiting my options in the future? I things go mad, can I revert to a fixed at any point without penalty (I would have thought not).
Forget about that - only fix if you need to. In the long run a competitive tracker will generally come out cheaper than fixing for various periods (other than possibly a one year discounted fixed rate).The diff between the fixed and the tracker per month is quite nominal at the moment, so I'm not too worried on that front.
Sarah W said:. If you can afford the repayments at 3.49% but would find, say, 4% a struggle then you probably be best advised to fix or at least fix part of the mortgage and take the rest on a tracker rate to allow you to over pay.
Sarah W said:1 year fixed 2.99%
2 year fixed 3.70%
3 year fixed 3.99%
5 year fixed 4.29%
All above are new business rates. The tracker and variable rates haven't moved.
Aye - there's the rub though. They have been predicting rate increases for ages now and they have been proven wrong. Don't fix in an attempt to save money. Only do so if rate increases would cause you problems with meeting your repayments.maximus said:if one was to take this as a given
Not to belabour a point (oops, too lateClubMan said:If I was in your position and could afford the impact on repayments that a rate hike of a few percent would involve then I would not fix. But each to his/her own...
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