Panicking about mortgage, should I fix it?

[Leggytadpole]

Aibu to ask for some advice?
I've got an interest only mortgage on variable rate. Have been thinking about trying to get it on a fixed repayment deal recently, it would be a stretch financially but could just about manage... Living on a tight budget, single part time working mum.

With Brexit and the pound plummeting I'm now wondering if I should rush to the bank and get a 5 year fixed deal or leave it as it is as it's cheaper ATM? Are interest rates likely to raise? I'm not very clued up on all this.

I refixed mine a couple of weeks ago, I can't see rates going down at all as their so low already only up.

I would if I were you but j worry about this sort of stuff more than most! You may need to act fast, banks can pull current deals instantly if they want to.

Thanks, I'm off to the bank to have a chat with them.

If you can only just afford a fixed deal now, you shouldn't definitely go get a fixed deal. Go now.

Didn't a historically low fix come into the market last week?

Rates won't rise, if anything expect a small decrease at the next central bank meeting.

What rate are you paying right now,will you qualify for interest only with a new provider?
There are some fantastic deals on the market, there are some very low trackers fixed for two years, though the best rates are for those with 50% equity you also have to take account of the fees,regardless of equity there are some great deals available.
Id change, if the maths add up i wouldn't change based on rates increasing in the short term. Talk to a broker they have access to the best deals on the market.

I'm worried about this, but it's complicated as we have negative equity already, want to sell but aren't buying again so no equity (currently, that could change) to transfer the mortgage to.

I'm wondering if we should just go for what we can get fixed rate wise and just keep paying for the upkeep of a house we're not living in until, hopefully, things improve again - but that could be years and it's already help drive me onto anxiety meds.

House prices going down and interest rates up is a nightmare for us.

Don't just talk to your bank without talking to a broker your bank can only offer their own products.

Seriously,talk to a broker some of the lowest rates ever are available for two year fixes. I've seen rates as low as 1.1 % over two years.

If rates have being on hold with the supposed economy on fire you can rest assured rates will not rise with the type of uncertainty we'll face for the next year. If anyone is worried, I would fix for a year or two Max, I don't know anyone should be worried about a rise. Its simply not going to happen in the short term.

I was in the same situation and went onto a fixed rate interest only last week. I wanted to go onto a repayment mortgage but no one would offer me one despite having 60% LTV. My fixed rate is over £200 cheaper a month than the variable rate so I will be making overpayments up to what the repayment figure was.

If your financial position is such that you would struggle with a rise of 0.5%, I think you're better off fixing so that you have certainty of your payments and can budget. I wouldn't go for a ten year fix, though

I have a repayment mortgage and switched to TSB, fixed at a low rate for ten years.