Ahhh my fixed term deal on my mortgage has come to an end and I feel like I'm free falling trying to secure any sensible deals!!! We've spent hours on the phone and internet exploring what's out there and basically it seems if we pay approx £1000 we can get a fixed deal at a higher cost than my current variable rate. It just makes no sense at all, so we're sitting tight and hoping within the year the worst problems will have been bottomed out. It does mean however that we will need to pay approx £100 more per month. This isn't good timing for us as we're about to exchange on a property in Spain, where the interst rate as also recently risen. But there's a double whammy in so much as the euro is so strong against the weak pound.
We always knew we were going to be tight taking this road, but we are going to be on such a tight budget I think things are really going to hurt.
Incidently has anyone else heard about multi-currency mortgages - I've heard of these in Spain, where essentially you choose the country with the lowest interest, such as in Japan, the Yen mortgage rate is 2%, but I haven't heard anything in the UK??