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Q: My tracker mortgage finishes at the end of July. Should we take a fixed higher rate motgage over 2 or 3 years. Or a lifetime tracker at bank of engalnd rate plus 1.99% at no early repayment fee and only £140 exit fee. No application fee.
When rates go up are they going to go up quickly, or gradually. As an expert what would you do please?
A: We need to fully understand your financial circumstances before we can advise. Generally speaking you need to work out what you could afford if base rate returned to the long term average of 5%. Do you have surplus income to meet future base rate rises?
Base rate will only go one way from here and that is up but no one knows when or by how much. Some mortgages have “drop lock “options which basically means that you can have a tracker rate and when you want you can switch to a fixed rate.
Or you could mix and match your mortgage with half on a fixed rate and half on a tracker rate that way you get the best of both worlds.
Best advice is to meet/speak with one of our fully qualified professionals so we can make a firm recommendation on factual information.
Call us now 020 7519 4900.
