More mortgage rate rise

Two years ago when we were considering which fixed-rate mortgage deal to go for, there was this “financial adviser” recommending us to take a 2-year deal, instead of a 5-year deal that we are interested in. He even showed us a prediction, from Royal Bank of Scotland I believe, on the trend of the interest rate, that it would be heading down. But of course we knew that he has some vested interest in trying to get us to go on the 2-year deal, as then we might be looking for him again in two years time for “advice” when the deal ends, rather than in five years time. Hence more commission for him, you see?It’s now just over two years into my mortgage. Looking at the news on the current mortgage rate, I’d say we’ll need to shell out 2% more per annum if we were to take out a mortgage now! And that hasn’t even included the higher mortgage arrangement fees borrowers need to pay, and the higher equity they need now to secure good rates!This so called “financial adviser” makes me laugh. I’m proud not to have listened to him, and my friend is certainly very pleased to have taken my advise rather than his. Perhaps I can call myself financial adviser too 🙂

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