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and we nearly switched to a five year fixed on 3.89% recently.
That deal no longer exists, and the best rate with our current provider is now 4.09%.
Anyone else who has renewed or switched lately - did you stick or twist?
I feel your pain. We just went from 5 years at 1.95% to 2 years at 5.08%!
Then again, we went for an offset deal which is always a bit higher as we have a bunch of savings. As a result we've almost completely offset the mortgage meaning we're paying next to no interest. It's like paying the mortgage off, but with the flexibility to either:
- pay no interest
- spend the money and pay 5% interest (basically it's like having an instant loan we can take out any time at a guaranteed rate)
- move cash to somewhere that pays more interest than the mortgage. Other than picking a lucky investment I think the only option right now would be a regular savings account, but if interest rates rocket we have the option I guess.
Admittedly, this was a very situation-specific option but it buys us time to build up savings ready to either pay it off, move or get a kitchen worthy of the golf club thread.
- pay no interest
rhowe
We're currently on a tracker mortgage (base rate +0.87%) as when our last deal expired last year, the talk was all of successive rate cuts in 2o24.
That's not really happened, and we nearly switched to a five year fixed on 3.89% recently.
That deal no longer exists, and the best rate with our current provider is now 4.09%.
Anyone else who has renewed or switched lately - did you stick or twist?
4.09% is still less than we're paying now, and the idea would be to keep paying what we're paying now so there was an overpayment every month.
Still bitter about Truss and Kwarteng - we were on 0.97% on our last deal.