How much will I be paying in one year?

Steerpike_2

I bought my first property 2 years ago and have a 3 year fixed rate at 5.99% - so 1 year left to run! Things are already a bit tight as a 1 income household. In lieu of having a crystal ball, I've been trying to make some long term forecasts about how much I'll be paying in 1, 2, 3 year's time. Obviously it's impossible to say but I'm hoping the interest rates will still be low so my monthly payment drops a bit and also that values rise so I have a little more equity should I need to re-mortgage. I currently have a 115k mortgage on a property bought for 130k (though prob worth nearer 115k-120k today).

So, all in all, a bit of a novice, worried about mortgage increases where margins are already tight on a fixed rate. Is there a more informed, intelligent way I can make some plans/predictions other than waiting to see what has happened with interest rates in a years time? Is there anyone with a long term view on how lenders will feel, where interest rates might be, how many / how flexible the options will be to someone like me next year?

My priorities at this stage are keeping monthly payments low / affordable rather than paying off more of the loan.

Sorry, a bit of an unfocused ramble there but any advice welcome!

JonnyBravo

Sounds like you'll be looking for a 100% LTV remortgage (or worse)..... which doesn't exist.
Looks like you'll have to stay with your current lender. They may offer you a deal.... but may not. Depends if they want to shift people off a niceish SVR onto a more expensive fixed rate.
What's their current SVR? It's most likely you'll end up on that.

getmore4less

Starting point is to check what the rate will be in one year when you come out of the fix.

Could SVR or a base tracker depends on the lender and deal you had.

you won't know the actual rate in a year but at least know how it will be calculated