Mortgage advice

TheWanderer

Striker
Bail out the 2.9% mortgage now and incur a 1% early redemption penalty and tie myself in to to a 4.4% mortgage for 5 years.

Or sit tight until April until my deal is up and search for deal then.

Given the possibility that interest rates are going to increase drastically, or so it’s being predicted what do the resident money experts suggest I should do?
 


Bail out the 2.9% mortgage now and incur a 1% early redemption penalty and tie myself in to to a 4.4% mortgage for 5 years.

Or sit tight until April until my deal is up and search for deal then.

Given the possibility that interest rates are going to increase drastically, or so it’s being predicted what do the resident money experts suggest I should do?

You’d seriously take advice from people on here on such a serious subject
 
You’d seriously take advice from people on here on such a serious subject
Why’s that a bad thing? This place is full of helpful and sensible advice all the time
Bail out the 2.9% mortgage now and incur a 1% early redemption penalty and tie myself in to to a 4.4% mortgage for 5 years.

Or sit tight until April until my deal is up and search for deal then.

Given the possibility that interest rates are going to increase drastically, or so it’s being predicted what do the resident money experts suggest I should do?
Personally I’d just stop paying it and use the money to buy hookers and blow
 
If it’s affordable for you then I would take the 4.4%.

I’m risk averse so the possibility of higher rates, plus potentially lower house prices meaning a worse LTV, would have me jumping ship.
 
It’s a difficult one as the market is so incredibly volatile at the moment and seems to be forever changing.

Bank of England have confessed they will increase the base rate at a moments notice if they see it as feasible to combat inflation.

Personally (and I am no financial expert) I would probably bite the bullet and re-mortgage now. My fixed term is up end of October and have only just finalised mine on Friday. Shit myself when I seen headlines stating lenders were pulling deals left, right and centre.
 
You’d seriously take advice from people on here on such a serious subject
Yeah better with moneysavingscockspurt
Bail out the 2.9% mortgage now and incur a 1% early redemption penalty and tie myself in to to a 4.4% mortgage for 5 years.

Or sit tight until April until my deal is up and search for deal then.

Given the possibility that interest rates are going to increase drastically, or so it’s being predicted what do the resident money experts suggest I should do?
How much more is the 4.4%?
What is your lenders base rate.
 
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Fixed ours last month for 5 years so lucky in that sense. If id done it in june like i could have if id been on the ball, id have locked in for 5 years and knocked 2 years off paying what im paying from nov onwards but given whats happened. Little wins and l that
 
And then what happens in a year's time if the interests rates come back down and your left with a fixed higher rate for a further 3 years?

Simple answer is that no one knows what's going to happen. I would be tempted to fix in now if I was in your shoes, gor what that's worth.

I have a scheduled transfer with work for around April 2023, and will need to relocate. I'm shitting it now, and fear that I will be buying/selling at the height of it all.

Good luck anyway mate 👍
 
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And then what happens in a year's time if the interests rates come back down and your left with a fixed higher rate for a further 3 years?

Simple answer is that no one knows what's going to happen. I would be tempted to fix in now if I was in your shoes, gor what that's worth.

I have a scheduled transfer with work for around April 2023, and will need to relocate. I'm shitting it now, and fear that I will be buying/selling at the height of it all.

Good luck anyway mate 👍
Sell now and rent...
 
I'm in a similar position.
My deal of 1.38% ends next June and I can remortgage without penalties from March.
I have a 0.75% penalty if I do so before then which works out at about £740.
 
Bail out the 2.9% mortgage now and incur a 1% early redemption penalty and tie myself in to to a 4.4% mortgage for 5 years.

Or sit tight until April until my deal is up and search for deal then.

Given the possibility that interest rates are going to increase drastically, or so it’s being predicted what do the resident money experts suggest I should do?

Cash it all in and put it on black.
 

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