Ok, obviously this is a car forum but I know everyone on here has a day job, so I'd preferably like to hear from people that know what they're talking about, no offence to the average joe but I like to think I'm reasonably cleued up as the rest of the general public when it comes to this stuff.
So I'm looking for a bit of a more informed opinion, or as best I can get.

Basically I'm looking to remortgage my house, this is not due until March next year, however, what I generally do is get the mortgage sorted out around this time, get the rate etc.. booked and then come march get everything completed.
I have done this again....almost....however given the current climate I am unsure what to do, as I am sure many other people are. Do I hold out for a better deal, in the hope that I get something more competitive at the start of the 1st quater of 09, or do i go for something now, as rates MIGHT go up, but this is I am told, is unlikely.

I regualarly use brokers and advisors, and although I am told they are non biased, independant etc... I cannot help but think they always have a hidden adgenda to steer you toward certain producs, hence why i am posting this and often research these things for myself.

OPEN TO COMMENT!

 

Im just an average Joe too, but my personal feeling is rates are going to come down again, we're still way above places like the states.

Ive no idea how that will effect mortgage deals that are over a few years though, I would expect most banks to be fairly reluctant to enter into fixed deals at very low rates in case they go back up again.

The worrying thing is, we seem to be in such a new set of circumstances at the moment, that im not convinced any of the experts know either lmao

Will watch this thread with interest (pun not intended)

And I agree on the brokers, Im sure they all get paid for arranging mortgages, and if they are being paid, some companies will pay more than others, so thats GOT to influence their decision which to recomend IMHO

 

I see it this way... If you are comfortable with the rate in the short term and it suits your forseeable circumstances then you should be happy with it.

If your comfortable say fixing your rate for 2 years and you know you can maintain it then I would say that would offer you a more enjoyable 2 years knowing your in and outgoings.

Tim

 

Good points guys!

Chip, entirely summed up what I think, only you've worded it a bit better....

Doesntbelong, I do see your point, however, I'm looking for a good deal and I don't really see why I should pay more than I should just because I can afford it.
I'm looking to get my mortgage paid off before the conventional 25year term, and we're also looking to start a family, so I have to reduce my outgoings or micro manage everything with regards to my outgoins so one income doesn't have such a big effect.
All related to each personal circumstace i guess, maybe I misunderstood. I normally go for 2 year fixed rate deals, but this time I'm looking for a longer term, between 3-5 years.

 

I understand what your trying to say mate, my point is, with your young family you will be unsure of your outgoings on your mortgage on a variable rate as opposed to fix rate. Fair enough you could in the short term -6 months lose out, but beyond that who knows what will happen.

I would have opted for the security of knowing my outgoings per month as opposed to constantly watching the market.

I guess though if you know how you do the deed then you'll be comfortable with a certain way of doing things.

Tim

 

Tim, Im sure he knows all that, he just wants to know wether to fix a deal now, or wait and fix one basically.

 

I know, I was just trying to explain my way of thinking but basically I'm saying Fix now

 

wait and then fix

children cost loads and, if you can't afford them, will ruin your life

don't take that in a nasty way though, it's just that you have to think about what you are earning, what the mrs is earning, what the mrs won't be earning and what the kid will cost to run, the days off you will have to take when the kids ill, the sleepless nights, the cost of getting the initial baby thigns sorted as well as the on going costs such as nappies, wipes, clothes, etc

 

Rog
I have just sorted mine out for end of the month. EXCELLENT deal done through a financial advisor. I'd recommend him to anyone and loads of people have used him since i first did. I can pass details on. Email me...