# Fixed rate mortgage, any options?



## ClarkeG (Jun 17, 2006)

Hi all,

Unfortunately when we took our our mortgage we choose a 3 yr fixed rate (think it was around 5.9 % at the time) but now since all these interest cuts I wish we had choose a variable mortgage. 

Is there anything I can do? Any advice? I think we're kinda stuck with the fixed rate until the term ends and we're only about 9 months into it with Northern Bank.

Cheers
Clarke


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## -ROM- (Feb 23, 2007)

I think you're screwed TBH mate, there have been many stung like this and i haven't heard any wys of getting out of it. It's the risk you take with a fixed rate.


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## ClarkeG (Jun 17, 2006)

rmorgan84 said:


> I think you're screwed TBH mate, there have been many stung like this and i haven't heard any wys of getting out of it. It's the risk you take with a fixed rate.


Yea thats what I thought, I guess that's the decision you have to make and live with it.


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## Benny Boy (May 9, 2007)

feel lucky mate my varible rate is 7.49 which is the same for most lenders there or there abouts. 

if you go onto variable what about when the rate rises sharply!!!


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## Shiny (Apr 23, 2007)

Most lenders had pulled their tracker deals by 1pm or 5pm today as soon as the cut was announced, offering only fixed rates. Typical! lol!


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## ALANSHR (Jun 29, 2007)

even some of the fixed rate were flexible in that you couls still jump ship without punishment but even if you do have to pay something that may work out cheaper if you do move if you know what I mean.

You need to talk to your lender to see what the options are and then get a comparison to see what the overall costs are likely to be and thus how long it would take to get your money back if there are charges.


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## The Detail Doctor (Feb 22, 2008)

We took out a tracker with Nationwide 2 years ago, it has the added bonus that for £600 we can fix the rate indefinately. 

Got to be time to think about fixing it soon.


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## Cliff (Mar 4, 2007)

I exchange on a house tomorrow and was gutted when I heard todays news as I have signed up for a 2 year fixed at 5.95% with the Halifax (sorted 3 or 4 weeks ago).

Out of interest I looked at the Halifax website tonight and saw that they were doing 5.39% (they have not made any decisions about todays cuts yet) but then noticed that this was for 60% or less of the house value, mine is 62%.
Did some more searching and found that about 75% of their mortgages have disappeared. Finally found one that I could take out and it was 5.99% so the rate is actually higher now and that was even with the last 0.5% rate cut happening in the mean time.

The 'first time buyer rates' were stupidly high  starting at 7.14%


Hope this makes sense, I am knackered


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## BEADING SHINY (May 21, 2008)

One way or another everybody is screwed is like petrol and gas/leccy prices one min their down next min their up, also consumer goods are the same.

If it’s the best deal u got at the time then that’s a good thing, no can predict the future. who wud think that banks wud go bust. 

Sorry to put a downer on this friday morning.


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## Needs a clean (May 24, 2008)

I am on a fixed rate for 5 years at the moment, but cannot say i am too bothered about the interest rate falling. Its the same as anything though. When the rates are high, people want to be on a fixed rate and when they are low they want to be on a variable. You will never win. I prefer fixed rate and when i go in to review my mortgage next year i will be going back on another fixed rate.


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## Fred108 (Apr 25, 2008)

Fixed rate deals are the best deal at the time, what you do have is a fixed cost every month, handy if you ned to budget every month, variable rates have pro's and cons obviously, changing products will cost you firstly to get out of the deal you are in and the cost of seting up a new one. It is a nightmare!


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## organgrinder (Jan 20, 2008)

Despite the large fall in the base rate I doubt that mortgages are going to get much cheaper than they are now. Some who are on tracker mortgages will benefit in the short term but when they come round to renew it will be much more expensive. The LIBOR rate is still high and that is what the banks borrow at from each other. Until this falls, the banks can't afford to give what would otherwise be discounted mortgages.

In USA, mortgages rates have increased over the past couple of years despite falling base rates.


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## lodger (Jun 20, 2008)

ClarkeG said:


> Hi all,
> 
> Unfortunately when we took our our mortgage we choose a 3 yr fixed rate (think it was around 5.9 % at the time) but now since all these interest cuts I wish we had choose a variable mortgage.
> 
> ...


Read your small print and you may well find that you could jump ship by paying a premium.
Just a thought though i would advize against panicking in the short term as you can more or less guarantee that rates will rise in the long run so dont jump out of the fire into the fireplace (if you know what i mean).


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## Ronnie (Nov 15, 2006)

yea you can get out by paying apremium. now the question is: is the amount more or less than what you will save and is it worth jumping as you may only "save" a couple of pounds after your penalties and the new mortgage fees. see if you can alter anything if not just hold tight m8 and hope they go up.


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## Rosomakus (Mar 11, 2009)

No idea :[


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## Russ and his BM (Jan 1, 2008)

The Detail Doctor said:


> We took out a tracker with Nationwide 2 years ago, it has the added bonus that for £600 we can fix the rate indefinately.
> 
> Got to be time to think about fixing it soon.


Like now, I'd say!


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