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Anyone else gping to struggle hen your fixed mortgage rate expires soon?

(12 Posts)
DrNortherner Fri 13-Jul-07 14:42:44

e are currently fixed at 4.25%, rates on average now at least 6%. This is a massive jump in payments for us.

Not sure whether to fix again or do tarcker this tiem. But what ifthy go upi again?

Anyone know what the rates are 'expected' to do?

allgonebellyup Fri 13-Jul-07 14:46:29

oh god yes.
ours is 4.75 and may jump to over 7% !
big worry, as i am alone now and ex dh pays the mortgage. he says if it goes up too much, and we cant find a new cheapish one, then we have to sell the house!

have you thought of changing your mortgage at the end of the fixed rate? financial advisers always encourage home owners to become "mortgage tarts" ! ie swap around as much as you can.

noddyholder Fri 13-Jul-07 14:47:26

I think they may rise at least once possibly twicwe more by xmas and then stick.This is based on advice given to me by a financial whizz who I do trust.Best to approach your mortgage co now and find out about how much it costs to fix and what they can offer you HTH

DrNortherner Fri 13-Jul-07 14:49:06

Yep am looking at changing, and tbh we could just about stretch to afford the rise. So question is, do we fix at this stretched rtae to protect us from further increases we can't afford? But then if they come down, we miss out.

Help!

noddyholder Fri 13-Jul-07 14:51:15

I wouldn't bank on them coming down tbh Inflation is heading upwards atm so a good idea to try and fix at a rate you are comfortable with.

Rantmum Fri 13-Jul-07 14:53:46

we remortgaged early and paid the penalty cos our fixed rate was due to end Aug and jump to 9%

paddingtonbear1 Fri 13-Jul-07 23:31:53

we are just remortgaging now, due to complete in a few weeks. we got a new fix rate at 5.45 so not too bad. worth shopping around!

BigGitDad Sun 15-Jul-07 20:56:30

If you fix maybe just go with a two year fix now. I fixed last year at 4.39% and thought about fixing for five years (at 4.99%) but did not see these rate rises coming, not to the extent they have done. As someone else has said there are probably two more rate rises in the pipeline. Have a look and see what the tracker rates are offering as if they are half a per cent cheaper than a fixed rate you may be better off than fixing. Also watch out for the fees on the remortgage they can be hideously expensive, thousands of pounds.
I am an IFA and will have a look on my computer tomorrow and if I see any thing good I will post.
Good luck.

DrNortherner Mon 16-Jul-07 11:46:28

Thanks BGD. We have been offered 5.69 with our current lender so will probably stay with them. They are still quoting £1500 arrangement fee though. Are they flexible with this do you reckon?

FioFioJane Mon 16-Jul-07 11:49:42

my fixed mortgage is 6.15%, it was the cheapest we could get

BigGitDad Mon 16-Jul-07 18:10:54

No one is flexible on the fees not that I have heard of anyway. 5.69% sounds excellent although you do have a large fee, it depends on the size of your mortgage whether it is worth it.
Britannia Building Society offer 5.94% fixed two years. £399 arrangement fee added valuation and legal fee free. best to see them direct. Five year fix Skipton at 5.99% £599 fee added free legal and valuation.

DrNortherner Wed 18-Jul-07 13:11:52

Thanks BGD, we are sorted now. Just don' tell me if rates come down again within the next 2 years

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