Mortgage fixed rate is up in February.

L

LollyMc

Registered User
Messages
47
Hi Folks

Our fixed rate is up on the 1st Feb this year with IIB Homeloans. They are offering another fixed rate for 12 mths otherwise we will just have to go with the variable.

We are hoping to move house in the next couple of months and therefore get a new mortgage. Should we sign up anyway for the 12 mths or just stick with the variable until we change our mortgage. We dont know if we will stay with IIB until we have a look around at the other lenders.

ANy advise??
 
If you are moving house soon then presumably fixing again will simply mean that you will face penalties for breaking the fixed rate when you change house/mortgage?

Have you read the many existing threads on the whole "fixed versus variable" and "why/when to fix" issue?
 
As Clubman says there have been many discussions of whether or not to fix and a lot comes down to personal comfort with risk, however in your case it seems a no-brainer that you should not fix as you could face penalties if you switch.
 
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