Fixed Mortgage coming to an end what should I do?

sorryitsme

My fixed term mortgage is coming to an end in September (5 yrs) and my broker has called me to arrange a time to visit.

For the last year my sister has benefited from not being on a fixed term mortgage to the tune of £300 a month (low interest variable rate).

Should I meet the advisor and go on a fixed rate approx 4.0% or go onto variable 2.5% and be about £250 better off.

I like the security of fixed rate, but £250 a month is a hell of a lot of money.

Your thoughts would be much appreciated.

sorryitsme

I forgot to say my mortgage is with the Halifax so I am assuming the variable rate

beecher2

Halifax's SVR is 3.5%

You should probably meet your broker and see what your options are - if you can get a 5 year fix at 4% then that would be security for you. Rates are only going up. But it depends on your Loan to Value, credit rating, ability to overpay, attitude to risk - all this is stuff your adviser will go through with you