should I go onto a fixed rate mortgage?

[moulesfrites]

We currently have a lifetime tracker that tracks at just above the base rate, so at the minute it is great because our payments have gone down. But now I suppose the only way is up, and my mum was making noises about how when she got her first mortgage in the 70s interest rates went sky high - like 17%. What are the chances of this happening again?

Hi, I am not a financial person at all but i have heard that interest rates are unlikely to cause a crash or major boom again as in the 70's and 80's the money was regulated in a very different way to it is now (privately owned etc now - i think this is why) anyhow yes interest rates are bound to go up due to the banks needing to make some more money so i would say if it looks like it is about to recover well maybe look at any good fixed rate offers.
We have a tracker and like you our rates have halved in the last year but of course they will return sadly so in Nov when our tracker stops we shall be looking to fix our rates.

Good luck with it x

we also have a lifetime tracker at just above base rate. we aren't considering fixing yet because a) I don't think rates are going to rocket the way they did in the 70s/80s as regulation is different now adn b) we are enjoying the extra money which is funding a new kitchen I do realise however that I may regret this, but given that we paid alot to get the deal we're on and would have to pay again to fix, at a higher rate than we are currently paying, rates would have to be pretty high for it to be worthwhile

I wouldn't fix if your have one just above. However, if taking out a new mortgage where the trackers are high I would definitely fix.

Interest rates will creep up a bit but they won't be going back to that rate. Remember that inflation was also high anyway, which devalues the actual value of your mortgage.