Fix or Tracker?

The big question for all those taking a new mortgage – to fix or to track?

It’s a difficult question to answer at the moment. It depends on the size of your mortgage, whether you are happy to accept the risk of higher mortgage payments, your income and your attitude to future possible income tax rates.

My advice would be to seriously consider a fix if you find that you are struggling with your current mortgage repayments, or if a small rise will result in a big increase in your repayments. If your mortgage is within your budget, and you have spare money to pay any increases, you may be happy to accept the lower tracker rates immediately available, but with the knowledge and ability to meet higher payments in the future should you need to.

This entry was posted on Thursday, May 13th, 2010 at 12:35 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.