My tie-in period for my mortgage finishes in August. I'm currently paying 5.85% interest on a variable rate.
I've just had a very brief look on the net for deals and I'm a bit confused as to what's the best option.
What deals do you have and considering the interest rates are likely to go up this year, what should I look for or avoid.
Cheers.
Posted on: 14 July 2004 by seagull
Certainly avoid anything with an extended tie-in.
We got a fixed rate deal just as interest rates started climbing last time so we benefited for the duration of the fixed rate but the variable rate after that was horrendous. It was cheaper for us to take a hit on the tie-in and move to another lender. The main benefit of a fixed rate deal is that at least you know what your repayments will be for the next two years (or whatever) but you can get them now with no extended tie in.
Also avoid some of the ridiculous fees that some of the banks/building societies try to add for the privelege of buying a mortgage off them.
Don't know what's out there at the moment as we still have about a year to run on our current discounted deal. From our experience last year, if you see a good deal, grab it, they disappear quite quickly. We missed out on a couple of good offers by being to slow ("Oh we finished offering that one yesterday sir").
Posted on: 14 July 2004 by Tarquin Maynard - Portly
Count.d
See an IFA that specialises in mortgages.
Regards
Mike
Spending money I don't have on things I don't need.
