Remortgage or not?

heggied

Hi folks

We're currently on a SVR mortgage, 19 years left to go and are wondering if it's better to remortgage at the moment, or stick with what we have and wait and see what happens. Since we need to do a bit of work on the central heating system in the house (we estimate around £4k worth) we also wondered if it was reasonable to add this value to a new remortgage.

There's £51k outstanding on the property, which was valued last year at £95k

We've had the offer of a 5 year fixed at 4.7% from A&L for the £51k + £4k which we thought sounded pretty reasonable.

What do others think - remortage (if so, is the deal we've seen a good one) or hold tight and save our cash whilst rates are so low ?

Thanks for any insights ...
David

nw_man

Unfortunately what you are asking requires a crystal ball

However, if you want my personal opinion, and its MINE alone, then that 5 year fixed looks excellent.

Who knows what rates are going to do, but given the mess that the economy is in, I can see them going up for sure, when - I dont know.

heggied

Thanks nw_man for your crystal ball gazing.