Your current fixed rate deal comes to an end - what do you do?. You may be able to either apply for another fixed rate or perhaps go on to the base rate or a Tracker. Bank base rate at the time of writing this is just 0.5%!. A Tracker at say 2% over base is still only 2.5%. A very low rate, my advice is if this option is open to you go for it.
However everyone feels that at some stage the bank base rate will rise again, perhaps to 1% then 2% then 3% who knows?. A 2% Tracker deal over base rate at 3% is now 5%. Obviously Fixed rates will also be going up at the same time, so when is the best time to lock in?. Just before they rise! is the answer, but unfortunately we don’t know when that will be. Keep an eye on the rates, or my emails, and get ready!.
Don’t forget Your home may be repossessed if you do not keep up repayments on your mortgage.
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September 30th, 2009 at 10:09 am
I have known Allan for a number of years and when my daughter wanted to make the first step on the house owner ladder I did not hesitate in recommending she speaks to Allan. Even though she lives a 100 miles away in Yorkshire Allan was happy to help.
Peter Stevenson
ChipsAway (PDS) Ltd
07830 36 46 86