Mortgage: Tracker or Fixed

Rotty · 8 Oct 2006 at 19:41

pallys said:
wow who is this with ?

the Tracker is Birmingham Midshires

Von Luck · 8 Oct 2006 at 19:44

I'd go fixed myself - both of ours have been fixes. I like to know exactly how much our payments are going to be.

Bear · 8 Oct 2006 at 21:23

Ive been on a fixed rate mortgage for the last 3 years at 4.5% and have just renewed on a 2 year fixed at 3.99% with a £1k product fee. As said, I like to know exactly how much I have to pay out every month especially in times of uncertainty like these.

VIRII · 8 Oct 2006 at 21:24

Bear said:
Ive been on a fixed rate mortgage for the last 3 years at 4.5% and have just renewed on a 2 year fixed at 3.99% with a £1k product fee.

1k product fee is steep, what size mortgage have you got and is there a tie in?

Bear · 8 Oct 2006 at 21:30

VIRII said:
1k product fee is steep, what size mortgage have you got and is there a tie in?

The fee is a result of the 3.99%, the mortgage is for £120k. It worked out cheaper for me as the monthly payments went from £725 a month to £675 a month. So for that £50 saving over 2 years would mean I saved £200 with the fee taken out but have a smaller monthly payment/interest rate. The tie in is for the term of the fixed rate.