Remortgage- 5 years fixed?

jj27

First time posting so thanks in advance for any advise.

My husband and I took out a discounted rate mortgage in April we were building an extension to our home and though it wasn't the most competitive rate at the time it suited us as it wasn't fixed in and had a draw down facility.

The work is now completed and we have drawn down the equity we had released. It was always our plan to get the house revalued once the extension was finished and remorgage to a more competitive fixed rate. We have spoken to an advisor who has suggested a mortgage to us which is fixed for 5 years,

The monthly payments are slightly less than the discounted rate we are on, but my dilemma is?

Should we stay with the discounted rate until it runs out in May and then remortgage to see if there are better rates then? Or should we fix now and if so is 5 years too long?

Any advise will be very gratefully received.

Thanks

_Andy_

Will you be charged for closing the mortgage before May?

jj27

no I wont be charged as it wasn't fixed and the new mortgage has no fees