Question: Am I getting a good deal on the mortgage?
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Answer #1:
With today's low rates, there is no reason to not get a fixed rate mortgage. 2% is a huge increase in payment. Can you afford the loan if it went up by 2% tomorrow? If not, this loan is not for you.Answer #2:
There are 2 Year Tracker mortgages available at 85% LTV @ 3.29% above Bank of England base rate so I think it may be worth you getting a second opinion before applying for the mortgage quoted above.You should speak with a mortgage broker about the impact on your monthly payments of various increase in the base rate.
Whilst your assumption may prove to be correct nothing can be taken for granted and you need to ensure the mortgage is affordable for you if base rate exceeds 2%.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to Click Here
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