Is now a good time to go fixed?

R

Rocky1500

Guest
Hi, Ive recently got planning permission and Im sitting down with the EBS next week to applying for their self build mortgage. The loan to value of final build should be about 70% even in current climate.. I'm just wondering what would be the best rate to go for? Would now be a good time to fix maybe for 5 to 10 years? I'm also a first time borrower married with 2 young kids... if this makes a difference..Thanks.
 
It's a better time than it was a year ago.

Interest rates are widely predicted to go down further in the short term.

If you really want to fix I'd start with a standard variable and consider fixing when it starts going up again.

If you fix there will be penalties for breaking out of it or making extra repayments.

In the long run you'll probably be better off not fixing.
 
Hi Rocky, i can't give you any advice on whether to fix or not, but we recently got our mortgage from EBS and i'd like to give you some advice on that..

when you send them ANY paperwork, send it registered post. They lost practically everything, they delayed the process over and over again by coming back and saying they hadn't received _________ document. We would send them what they asked for and discover weeks or months later that they needed something else. And by then they would require updated documents because they had taken so long to realise they hadn't asked for/had lost particular documents.

It was an absolute nightmare and so stressful. I don't know how i managed to stay sane.honestly.


best of luck with it, but please take heed and register everything you post to them.

If you're going through a broker, get yourself a notebook and get them to sign for it when you give them a document to send to EBS.

every time you happen to phone the broker or the EBS, ask for the name of who you're speaking to, write it down, with what they said.

hope your experience is better than ours.
 
Bloody hell woodbine you dont need that...thanks for the advice, will take heed.. Thanks for the advice on Fixed Vs Var General Zod.
 
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