Long story short, we are currently on a 1.97% rate which ends in November.
Cheapest 2 year fix we can get is now 4.8% which is with a bank that have already wanted to know which hand we wipe our backsides with and we do have credit card debts from our wedding that they want clarifying we can pay off in time. I just don't think we will be able to. Currently this mortgage will cost us an extra £700 per month.
We also have the option to fix for 2 years on a tracker with our current provider that is 0.46% above base rate so currently 5.46%. This involves a simple switch and no credit testing to have to declare all our credit cards etc. no solicitors needed
My question is, am I crazy to think about a tracker at the moment - surely the rates can't go up a crazy amount more. I.E more than 6% before coming back down slightly as people will be pushed out of the market? We have a few hundred spare that we could use if it went up.
Any advice would be most welcome!