Rising interest rates?

S

success

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hi all,
we are currently on variable, i see in the news etc banks are set to rise interest rates, just wondering general opinions on whether to fix or not and if so, for how many years?
Thanks.
 
My opinion is if you are on a variable rate and if you can get a 3-5 year fix rate for less than 3% or around that I would take it.

What variable rate are you paying at the moment?
 
we are on 2.7% at moment, quote i got were

2 year fixed 3.1%
3 year fixed 3.6%
5 year fixed 4.25%

what would you think?
 
Well, it seems very likely that there will be another 1% or 1.5% increase in variable rates this year (excluding any ECB increases that may or may not happen by the end of the year). So your variable will likely be 3.7% or above by the end of the year.

To me I think I would take the 3 year fixed for 3.6%. I wouldn't myself go for a 5 year fixed as its a longer timeframe and its hard to guess where things will be in 5 years. I would feel more comfortable taking the chance on the 3 year one. But its really your own choice.

Would you have the option of taking a better fixed rate with a new mortgage provider, can you move your mortgage?
 
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