Should I fix mortgage at 4.5%
HangOnToYourself · 07/10/2022 14:12
Sorry I know it's not an aibu but I've been talking to my mortgage broker and not sure what to do, I'm currently on a variable rat at 4.99 so obviously this may go up. The broker has said they have an AIP at 4.5 % but I'm conscious that is still high and I'm scared to fix at that rate but I dont really have much context and not sure what to do. Is that a stupid rate to fix at?
Am I being unreasonable?AIBU
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Jaaxe · 07/10/2022 15:53
HangOnToYourself · 07/10/2022 15:16
Yeah it freaked me out the idea of fixing at that rate for 2 or 5 years but it sounds like it won't be coming down any time soon
Jaaxe · 07/10/2022 15:10
A couple of weeks ago we fixed at just under 4%….2 years ago we were fixed on a 1.2%. Our mortgage broker said the rates have been increasing so fast all the time at the moment and to fix it fast. It’ll likely go down again but he couldn’t see it happening anytime soon
Yeah made me feel sick at the thought, wish we’d of fixed for 5 years at the lower rate 2 years ago instead x
twocatsandtwokids · 07/10/2022 16:15
Sounds good to me! We just paid over 1K early repayment charge today to fix a portion of our mortgage at 4.64% for 5 years… we worked out that even if we waited a few months for the ERC to end, if rates go up by even 0.5% we’d be worse off over 5 years! And we have 50% LTV to get that rate… so I’d say 4.5% for 5 years is good!!!
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