We are re mortgaging to get out of our high SVR, have been offered 3.75% at 2 years or 3.99% for 3 years, tough decision as no one knows what will happen with house prices, interest rates, economy etc etc. But wondering what would you do given the choice?? we have a big mortgage, choosing the 3 year deal would increase our mortgage payments by £46 pm. Thanks
In your situation, I'd probably go with the 3 year deal. You obviously think rates are going to go up, so want a fixed deal. I think the rates will probably go up and stay higher for quite a while, so would go with the 3 year rate.
thank you, its with ING, but I miscalculated, the 3.99% would mean an extra £76 per month = £912 per year higher, tricky bit here is come year 3 would we save the £1800 extra spent to to benefit? would we save this amount in year 3? I'm not very good at numbers (obviously) so not sure where interest rates would be for us to make that saving staying at 3.99%.... Anyone have ideas how to look at this best? thanks