I've just put some inheritance onto my mortgage and as I've been paying SVR for nearly two years now, it's time to lock myself into something for a better rate.
I'm in a situation now where I could get myself a 10yr fixed rate mortgage with no upfront fee and that would actually see me through to the end of the mortgage. So ten more years of paying a pre-determined amount each month and that's it - property is mine.
The alternative would be to lock myself into a slightly lower rate 2-5 year mortgage and see what's happening after that time.
My gut feeling is that interest rates will only go in one direction from here, there is uncertainty in the UK and that paying a slightly higher rate interest now (still lower than the SVR I've been paying for a couple of years) but guaranteeing my repayments through to the property being mine seems like the sensible option.
Would anyone disagree with that? Would anyone do it differently?
Cheers all.
I'm in a situation now where I could get myself a 10yr fixed rate mortgage with no upfront fee and that would actually see me through to the end of the mortgage. So ten more years of paying a pre-determined amount each month and that's it - property is mine.
The alternative would be to lock myself into a slightly lower rate 2-5 year mortgage and see what's happening after that time.
My gut feeling is that interest rates will only go in one direction from here, there is uncertainty in the UK and that paying a slightly higher rate interest now (still lower than the SVR I've been paying for a couple of years) but guaranteeing my repayments through to the property being mine seems like the sensible option.
Would anyone disagree with that? Would anyone do it differently?
Cheers all.