What type of mortgage have you got?

[BMW919V76]

It all confuses the hell outta me!
Thank god im renting atm!

[Agreeable Slick]

Fixed for 5 years. Brought just over a month ago.

Rates will only go up from where they are now, so it makes sense to me to fix for the foreseeable future.

I think I heard on the news this morning that Santander are putting SVR rates up 0.5% from end of this month.

http://www.bbc.co.uk/news/business-19812294

Depends on your circumstances really, can you absorb a rate increase on a SVR or do you need the security on a fixed rate. Either way, make sure it is capital repayment NOT interest only.

[bobbarley]

Well we've received a decision in principle from Halifax, no idea what sort of mortgage as the other half is sorting it out.  She works for them, so she is going to get staff rates on her portion of the mortgage (first 30k), then normal rate for the rest.

Need to wait to see what the under writers say now!

Should save us a bundle though, the monthly repayments are £210 less than what we're paying in rent at the moment!

[golf-sib]

Bought just over a year ago, tried 3 advisors and settled with one. I opted for a 2year fixed with 10% deposit, which I will be renewing next year around May/June.

Next year will prob fix for another 4/5 depending on deals/offers then move onto next property.

[opel]

Nigel, we are going through the process of buying our first house and decided with a 5 year fix. Even though we thought the rates wouldn't change much, if they did we could be in trouble. So every month we know exactly what we will pay for the next five years.

we had the same but come of it now as it ended. so were on a tracker but it is nice know how much it will be every month

[jeynesey]

Tracker here including an overpayment, so if the rate creeps up it can be managed by reducing the overpayment.

Low rate of the tracker with the stability of a fixed!

This is ideal, providing the market doesn't go really mental. We're on a 5 year fixed (just coming up to end of 3rd year). Was great as you know exactly where you are each month monetarily, but I'm convinced we could be saving money by moving to a tracker.... Just costs to much too change at the moment.

[bobbarley]

Just spoke to the mortgage adviser earlier.  The deal has been accepted and he's forwarding me confirmation which we can use as proof we have the mortgage in place.

It's a 2 year fixed rate mortgage.  My girlfriend works for Halifax, so we get 4x her salary at staff rate, BoE base rate + 0    The rest is at their standard rate, which is reasonable.

It works out extremely cheap, £225 less than we're paying to rent.  I can't believe it to be honest.

[Wazzzer]

Excellent stuff mate. I'm currently on a 3 year fixed, got a year to go. Just started over paying it by £100 which should bring it down by 8 years!

[bobbarley]

Off to put down our reservation fee this evening 

[Rhyso]

Off to put down our reservation fee this evening 

Good stuff