Andy_W
Well-known member
I've done that before with a 5 year fixed too, taking the hit early can save a lot in the long run, but it's just a case of gauging if you think things are going to get better or worse.We took the hit last year and paid an early repayment penalty of around 1700 quid in order to take a new 5 year fixed. It is more important to us to have consistency in our payments. Ours went up approx. £170 per month, but if we had waited until April this year when the old product ended, it would have been up over £400 per month and that just isn't feasible for us.
We are quite lucky in that we put a large deposit down so our LTV rate is around 53% which should protect us for the house price decreases everyone is expecting.
Its interesting reading comments above from people and mortgage advisors. We used MAB and have for 10 years and the guidance we got really helped us see what worked for our circumstances. There isn't a one size fits all model.
I feel for everyone stuck on high LTV's or SVR's right now. Its a horrid situation to be in.
You made a great decision going to your advisor early (your probably figured things were going to get worse), and your advisor clearly backed that up