I did a search & couldn't see this Q being asked before. I have the usual discount off SVR with St George but wondering whether anyone has ever been able to negotiate anything off their fixed rates?.. Seeing WP at least give me 0.2%
I'd question whether it is worth fixing at this stage in the cycle eg current SGB 3 year fixed with 0.15% discount is 7.54%, variable portfolio 6.78% with 0.8% discount is 5.98%. So your difference is 1.5%. Which means that for the fixing to break even you need to be anticipating variable rates will rise higher than 1.5% over the course of the loan. you would probably need rates to rise say 2% over the next 9 months to come out in front. For example I fixed some at 6.34% last year and kept the balance variable. After 6 months i am still behind by fixing rather than going variable.
If you need to fix so you can sleep at night that's fine, but I am not sure now is the best time in the interest rate cycle to fix.
Thanks jrc & Ms Jade for this post.
I can't recall when I asked them exactly probably not long after they introduced the packaging product. Perhaps before they had discounted fixed rate, or the person on the phone did not know enough?
Anyway, I agree with jrc that it is a questionable time to start fixing now. It was more an attractive option 6 months ago (you are luckly).
I will ring them and ask anyway and will make a decision from there.