My current mortgage deal has just expired and I'm unsure of whether to take out another 2yr fixed or try a 2yr tracker. The tracker is substancially less per month but if interest rates rise then obviously with each interest rate increase the difference will decrease.
Anybody on here know much about mortgages or whether large interest rates are expected over the next 2yrs (an impossible question to answer I know). If I take the tracker the interest rates would have to rise by 1% over the course of the 2yr tracker term to reach the same rate as the 2yr fixed I'm being offered. Any additonal increases over that 1% would mean I'm paying more per month than if I had taken the fixed term deal..
Anybody on here know much about mortgages or whether large interest rates are expected over the next 2yrs (an impossible question to answer I know). If I take the tracker the interest rates would have to rise by 1% over the course of the 2yr tracker term to reach the same rate as the 2yr fixed I'm being offered. Any additonal increases over that 1% would mean I'm paying more per month than if I had taken the fixed term deal..
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