Which Mortgage?

[ramasus]

Thinking about re-mortgaging my house. Still about 20 years to pay, but what are people opting for and why??

Fixed, Discounted, Offset, Capped???

Let me know which I should pick.

[AliFlump]

i would find an independent advisor to help you but i think that a fixed mortgage is the best as you know how much you will be paying everymonth and it cant go up unexpectedly

[Bez]

It depends on your circumstances to an extent but a good start to get a better understanding of the different types of mortgage available and which would suit you best try the following link.

http://www.moneysavingexpert.com/

For greater understanding and advice an IFA would be the best route

[don1982]

years ago I took out an "interest only" mortgage - cheaper thsn others - the sum owed remained about constant but my income rose - on retirement my lump sum easily paid off the debt and a motorhome and a trailer and a m/bike for the trailer and a greenhouse and on and on - you can always reduce the debt without costs at any interval and - increase it for a cheaper loan

[yummymummy]

We've got a One Account and think it's great! Obviously it depends on the individual circumstances, but if you can control spending and have a reasonable income, then you can shave years off your mortgage, even more if you have savings. We only earn an average amount yet reduced period of mortgage from 25 years to 18 years after paying into it for 2 years (if that makes sense!)

The payments can vary as it isn't a fixed rate, but the interest rate reduces each time you get down into the next band for your value of property to amount owed ratio.

Was easy to switch in the first place, just moved house and that was easy too.

Anyway, that's just my opinion but might be worth looking into for you.

[evo_Rizla]

It all depends on what you think the interest rates are going to do really!

Personally i cant see them dropping too much more, and if anything go up, and i also want to know how much i'm going to be paying for a while until the 'sting' of a fairly high first mortgage drops compaired to my wages. So i've opted for a 7 year fixed with Lloyds/TSB just over 5% for 7 years, the only problem with this and others is the tie in clause's, so read the small print well.

I have heard teh one account is great, but neither myself of the wife are too good at saving so it probably wouldnt work for us.

[Otrere]

We had an IFA to point us in the right direction. I think you should do that and go for the best that suits you right now - you can always remortgage and get a better deal once your
"current" deal is up. We've been at a low interest rate for 2 years - when that deal is up we'll change to another deal even if its with another mortgage provider.

[eash]

www.spf.co.uk