If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Options
Mortgage question
Former Member
Posts: 1,876,323 The Mix Honorary Guru
I expect GWST will be able to help but anyone who knows it would be helpful.
On a mortgage you get an introductory rate that is around 5% at the moment. These last for 2 years I think.
After that, is there any penalty if you switch mortgage providers to get another introductory rate? Or is it as simple as switching credit cards every 6 months to avoid the interest rates?
Thanks
On a mortgage you get an introductory rate that is around 5% at the moment. These last for 2 years I think.
After that, is there any penalty if you switch mortgage providers to get another introductory rate? Or is it as simple as switching credit cards every 6 months to avoid the interest rates?
Thanks
0
Comments
Not sure but I would imagine introductory rate is for interest only (may be wrong) if this is the case you will have to eventually take the plunge with a repayment mortgage otherwise you will never knock any money off the actual sum... If you are still young though this shouldn't be a problem.
Have a look around as you may be able to find a reasonable deal on a long term fixed rate - mine is about 5.4% for 10 years (I think!) - the long term fixed rates are becoming harder to find though due to the interest rate rises.
All of this may be wrong but I think my understanding is correct...
My last suggestion would be to find a decent Financial Advisor - mine is a godsend and I trust him with everything regarding mortgages/pensions - he isn't fee based so doesn't cost me a penny!
I'm remortgaging at the moment and although I will save money in the long run, I would point out that it's an almighty hassle.
:yes: much suckage, but it has prompted my partner and I to hold off for a while and keep an eye on things. Really good deal you got Spoldgey.
Do find a good IFA who won't charge.
Just had a think and actually it was over 5 years... still not bad though in the current climate!