prospect of redundancy - change mortgage now?

chattykathyblue

I work in local government and it's looking increasingly likely that I will be made redundant.
We have a fixed rate mortgage of 5.4% (!!!!) ending in 8 months time and the early redemption fee will be £2200. Should I go for something like HSBC's tracker at 1.8% above base rate, £99 fee and no redemption fee now before I get an 'at risk notice' from my employer?
Any advice gratefully received.

dimbo61

Have you got £2200 to waste changing deals now ?
What does the mortgage revert to at the end of the fix ?
Are you with HSBC now and are you sure that you are going to lose your job!

chattykathyblue

The mortgage will revert to SVR, I'm not sure of the present rate, I'm with C & G. I certainly don't want to waste £2200 but I think having a low rate for the future might be worth it. If I do lose my job we'll have to stay with the C & G's rate. The job's not looking too secure, I'm afraid.

slummymummyof3

Surely if you are looking to change and pay an early redemption penalty, you would be better off having security of knowing your payments will remain the same in the event of interest rate rises at some point. HSBC 5 year fixed at 3.94% for £99 arrangement fee - don't know if it is still available though???

chattykathyblue

My point is I want to get the best possible deal when my fixed mortgage rate finishes next July but I might be made redundant before then and I won't be able to change lender. So, is it best to change now - fix or a low tracker and pay the £2200 for a possible longer term benefit?