turbo1973

my mortgage rate is ending so im trying to get a new deal i have 20k outstanding whats the best deal to go for i.e fixed tracker etc

turbo1973

Fil

no one answered as we are all jealous at you have 20K left

ECOS95

Your not wrong.

Tracker if you think rates aren't going up again. Fixed if you want to know what your paying for the term of the mortgage.

dojj

iTrader: (3)

for £20k i'd tell the bank for a fixed amount, prices have faltered but there is no way that anyone can say the intrest rates aren't going to go up again, or down for that matter
i've got £173k left so i'm looking at getting a big punch in the nuts come decembertime

or you could always get it paid off in one lump sum and then have longer to pay off the rest by getting a loan to repay the mortgage and then repay the loan off afterwards

geoffxr4

I think interest rates will peak at around 5.75-6%. So that's about now. I reckon they wont go up much more so if tracker is a good deal i'd be tempted to go for that.

dojj

iTrader: (3)

but that's the abnk of england base rate, mortgage rates are higher than that
i've been paying mine at 4.29% and now they are sending me letters saying it's going to back to the standard rate of 8% and both sets of cheeks are going

but i've got a few months left yet so i'll see what they offer me
if i can get it fixed for less than 6% for the next 3 years then i'll go with that, some places will give me a 5.29% deal but no cash back, and otehrs will do a 6% deal with £5600 cash back, which one do i go for....................

turbo1973

dvid

I've got £250K left, not looking forward to April 2009

RS Ben

For £20K I think I would be investigating the bank loan option. Paying off the mortgage in full. That way house is yours finally. If credits not great secured loan.
I might be wrong but for that amount I would think although a loan interest rate is slightly higher you would save on two lots of legal fees in the long run. You would have no legals to sort out at the end of a bank loan.

cabrio zo

Good suggestion Ben

I've always been pleased with Nationwide,

try their calculator http://www.nationwide.co.uk/mortgage/default.htm

turbo1973

so would bank loan be good option

turbo1973

i went and seen my mortgage provider halifax and could get a fixed rate at 7.2% for 10years or a tracker at 7.4% i have £19752 outstanding

turbo1973

geoffxr4

I reckon the banks will be pushing long fixed rate options because they know interest rates will come down in year or so

dojj

iTrader: (3)

i'd be changing if i were you
some will offering deals of lass than 6% which is going to be much better for your walet

turbo1973

should i go for a fixed rate or a tracker

RS Ben

You can get bank loans at 6.9%. £20,000 over say 6yrs thats £350. Fixed rate so no need to worry about interest rates. Only one set of legals.

I wish I was in your position.

Got keys to new house today