It has been quite a number of years since I have seen fixed rates below 6%. Recently lenders have been battling for market share by slashing rates in the fixed rate field. With rates now from as low as 5.99% it may seem attractive to make a move to a fixed rate - but is it?
Whilst 5.99% may sound pretty good it should be noted that there may still be room to go yet for more cuts to fixed rates as a slowing environment leads to further competition that is sure to lead to more cuts that can only be more enticing. I have many of you on a mailing list to alert if fixed rates seem at their best, if you want to go on that list then email me here.
I always say though, be very careful if you want to fix because it has been shown in the past to be quite debilitating financially if you are not a 'fluid' as you may want to be. If there is ANY uncertainty around income, job security, moving houses or potentially selling then fixed rates are not for you. If there is a urgency to pay off your loan quick then maybe it is not the best option either.
Always call me before making a move, there have been some horror stories of clients making a decision on fixing in what they thought was a cheap rate only to find it costing them money in the long run. I am here to help and it is no bother to me to chat to you to set a straight course.
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