Should I go for another 2 years fixed rate offer?

Bricks

The fixed rate term on my mortgage ends in November this year.

I'm paying 3.19% at present.

I've been sent an offer for another two years fixed rate at 3.79%, a bit more than i currently pay but less than their SVR of 4.24%.

They say this offer is valid for the next couple of weeks.

As I'm currently unemployed, I don't have the option of transferring to another provider, although my current provider doesn't know this.

So my question is, should I just take what seems to be a reasonable offer now, or does it pay to wait a bit? Is there any scope for haggling... trying to get another 2 years at my current rate for example?

harvey115

Although their are news of interest rates going a little down by a few lenders on 5 years long fixes, it does not mean it works for everyone. The added fee makes it more expensive then other deals with higher interest rates.

A fix for 2 years with 3.79% looks a good deal as compared to the SVR with is 4.24% and subject to go up or down at any time.

If you circumstances are not good for a re-mortgage, you should go for this options.

Its a kind of a bet here, either you select this deal or you may wait towards the end of your fixed period and check with your lender again for any deal available at that point. The new deal may well be lower, the same or higher, no one can tell.

Bricks

Thanks for the comments.

Seems like I probably might as well go for what they are offering me now, unless there is any good reason to expect that waiting is more likely to get me a better rather than a worse deal.

harvey115

On a personal note, unless you are going on to a better SVR i.e. BoE tracker or something similar. I would get this fix.

PS - I am not a financial advisor!