Mortgages

+1 for recommending JT

Certainly got me a better deal than what I'd have got doing it myself

 

My fix ends and I’m due to renew at the end of October - looking at an interest rate increase from 1.69% to around 3.99%, though required payments will actually go down as we’ve consistently overpaid. I wish I’d fixed previously for ten years instead of five, though I thought we’d probably move house within that period. Thinking now I’ll go for a two year fix and anticipate a lower rate for a longer fix beyond that.

 

Everyone thought we were absolutely crazy when we fixed for 10 years at end of 2018. The rates were already starting to shift upwards at that point and with the Brexit stuff about to be implemented (obviously didn’t know about Covid or Truss), we wanted the stability of guaranteed maximum payments. Like you, we were overpaying until savings rates became higher than our mortgage rates.

 

Happy to help and chat through with you if you’d like mate - just drop me a DM if so. No worries if not obviously.

 

One can never be 100% sure what the right decision is as major things can happen out of the blue that affect both the UK and world economies, that change the direction of rates.

Look at the last few years - Brexit, Covid, wars, Trump twice etc.

 

Driven by Labours Budget Plan to increase borrowing and spending which as caused disruption in the Governments debt markets, which as meant higher interest rate expectations, and all the other reasons of course aint helped.

 

Labour weren't in power when most of the above were going off, and since they came to power, the general path of rates has been down. Not suggesting a lot of that is down to them, but that's how it's been lately.

 

I think he’s confusing government borrowing with consumer borrowing.

 

Highly recommended !